The euro appreciated on Wednesday after initial losses. The common currency’s rate rose 0.2 percent to $ 1.1803. The euro benefited from growing confidence in the equity markets. Overall, however, the forex market lacked momentum. No significant economic data has been published. The next ECB council this Thursday is already casting its shadow. The central bank recently decided to change its monetary policy strategy. Investors are wondering how this will affect monetary policy and communications. In the case of cryptocurrencies, bargain hunters seized the opportunity and pushed Bitcoin’s rate up to just under $ 32,000 after falling below $ 30,000 on Tuesday, the highest level. down for a month. However, Postbank analysts predict that nervousness in the crypto markets will remain high and will also lead to sharp price swings in the future. In particular, news of increasing regulatory pressure on cryptocurrency trading platforms has put digital currencies under pressure again and again recently.
The price of oil continued to rise. The North Sea Brent variety rose 4.2% to $ 72.25 per barrel (159 liters). The current price swings are a sign that there is no clear trend in the commodities market, said Kay Van-Petersen, Saxo Bank investment strategist. Oil prices are currently well below the multi-year highs they reached in early July. More recently, the spread of the more contagious delta variant of the corona virus had been a major burden. Development is fueling fears of new corona restrictions that would weigh on economic development and therefore on oil demand.
© SZ of 07/22/2021 / amon, Reuters, dpa