Foreign exchange and commodities – Euro falls below $ 1.18 – Economy

The euro started the new trading week with losses. The common currency’s rate fell below $ 1.18. In the afternoon, the euro was listed down 0.3% to $ 1.1771. It was the lowest level for about two weeks. Brokers were eagerly awaiting the expected US inflation data on Tuesday. Despite rising inflation in this country, the ECB should not be lured too soon out of its monetary policy reserves, according to central bank director Isabel Schnabel. According to them, a premature tightening would be “poison for the current recovery”. The ECB decided last week to slow down the pace of its asset purchases a bit. However, she did not want this move to be understood as a tightening of monetary policy.

Speculation in commodity markets about increased demand for oil at the end of the year pushed up oil prices. The ongoing production shutdowns after Hurricane “Ida” in the Gulf of Mexico also pushed the price of US WTI oil back above the $ 70 per barrel mark. The Brent variety from the North Sea rose 1.2 percent to $ 73.65.

The price of aluminum has hit $ 3,000 per tonne for the first time in 13 years. Many investors expect supply disruptions to continue as demand continues to rise. Light metal has risen by more than 15% in the past three weeks as supply risks increase across the industry – from bauxite mining in Guinea to alumina refining in Jamaica through aluminum smelting in China and beyond. Supply bottlenecks will last until the end of this year and most of 2022, with some speculating it could take as long as five, according to many attendees at an aluminum conference in Chicago. years to be resolved.

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