Currencies and commodities – the euro drops slightly – the economy

The euro started the new week with slight losses. As of Monday afternoon, the common currency was about $ 1.1849 about a quarter of a US cent less than the day before. Initially, market-relevant economic data was not on the agenda. However, European Central Bank (ECB) President Christine Lagarde stressed in an interview with Bloomberg TV channel the great importance of the next interest rate meeting in about a week and a half. The central bank had adjusted its strategy last week and, in addition to a new inflation target, decided, among other things, to simplify its communication. According to Lagarde, the ECB will adjust its monetary policy outlook at the next meeting in light of the change in strategy. “Yes, there will be some interesting variations and changes,” she noted. The ECB’s monetary policy outlook contains, among other things, statements about the likely end of emergency trillion dollar bond purchases and information about the conditions under which key interest rates will rise to the to come up. According to Lagarde, however, the time has not yet come to talk about withdrawing the monetary policy support that the monetary authorities have initiated in the fight against the economic consequences of the corona crisis.

In commodities markets, investors have speculated that demand will weaken due to further pandemic restrictions. Industrial copper metal fell 1.4 percent to $ 9,382 a tonne. At the same time, the price of Brent crude oil fell 1.2% to $ 74.68 per barrel. oil, said analyst Stephen Brennock of brokerage firm PVM Oil Associates. SZ, Reuters, dpa

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