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In the afternoon, the common currency was priced at $ 1.1601. As on Tuesday, it hovered around the $ 1.16 mark. The European Central Bank (ECB) set the reference rate at 1.1617 (Tuesday) dollars. The dollar cost 0.8608 (0.8607) euros.
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Price data from Germany was more likely to be noticed in the markets, but at the same time it demonstrated the persistently high inflationary pressure. In September import prices increased by 17.7 percent compared to the same month last year. That is the clearest increase in 40 years. Energy and many intermediate products such as wood and plastics have become particularly expensive. Import prices influence consumer prices, on which the ECB bases its monetary policy.
The financial markets are waiting for the ECB to announce its monetary policy decisions on Thursday. Changes to their bond purchases are not yet expected. The ECB will probably not decide on the future of the Pepp crisis program until its next meeting in December. President Christine Lagarde is likely to try to dampen the recently increased inflation expectations. She primarily blames temporary factors for the increase.
The Canadian dollar, meanwhile, has appreciated against all major currencies. The central bank has discontinued its bond purchase program. The program was designed to mitigate the impact of the pandemic on the economy. It also held out the prospect of a key rate hike in the coming year. She points to the economic recovery and the increased risk of inflation.
For other major currencies, the ECB set the reference rates for one euro at 0.84530 (0.84178) British pounds, 132.00 (132.47) Japanese yen and 1.0670 (1.0684) Swiss francs. The troy ounce of gold was trading at $ 1,792 in London that afternoon. That was about a dollar less than the day before.
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