The euro is nearing a two-year low

The euro is nearing a two-year low

The euro hit a two-year low on Thursday after the European Central Bank (ECB) decided not to change the key interest rate and confirmed that the bond buying program would end in the third quarter as previously planned.

The euro depreciation has boosted stock prices on European stock exchanges, while Wall Street shares have fallen amid concerns over a shift to the US Federal Reserve (FRS)’s austerity policy.

The ECB’s decision not to change key interest rates in the face of high euro inflation stems from the actions of other central banks. The Bank of England, the FRS and the Bank of Canada have already raised their first interest rates in response to rising inflation.

For the first time since May 2020, the euro has fallen below $ 1.08 against the US dollar and the euro has fallen to $ 1.0758. It later rose slightly to $ 1.0832 against the euro.

According to the New York Times, European officials are developing a plan to impose sanctions on the sale of Russian crude oil products.

The Dow Jones Industrial Average fell 0.3 percent to 34,451.23 points on Thursday, while the Standard & Poor’s 500 fell 1.2 percent to 4,392.59 and the Nasdaq Composite was down 2.1 percent to 13,351.08 points.

The London Stock Exchange index FTSE 100 was up 0.5% at 7616.38 points on Thursday, the Frankfurt Stock Exchange index DAX 30 was up 0.6% at 14,163.85 points and the Paris Stock Exchange index CAC 40 was up 0.5 points at 63589 points.

On the New York Stock Exchange, WTI crude rose 2.6% to $ 106.95 a barrel on Thursday. Brent crude rose 2.7 percent to $ 111.70 a barrel on the London Stock Exchange.

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The euro depreciated from 1.0888 to 1.0832 against the US dollar on Thursday, with the British pound falling from 1.3117 to 1.3076 and the US dollar against the Japanese yen from 125.62 to 125 to 125. Against the pound, the euro fell to 82.77 pence from 83.01.

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