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The euro falls to 1.03 dollars, the lowest for twenty years after weak data

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The euro depreciated this Tuesday to 1.03 dollars, its lowest value since November 2002, because fear of recession increased after the publication of weak data on the eurozone economy and investors take refuge in the greenback.

The euro was exchanged around 09:50 GMT at $1.0302versus $1.0433 in late European forex trading the previous day.

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Eurozone economic growth slows to a sixteen-month low in June, according to S&P Global (formerly IHS Markit).

Its final composite index of the total activity of the euro zone, the manufacturing sector and services, stood at 52 points (54.8 points in May), registering its minimum of sixteen months.

The manufacturing sector is already in contraction, for the first time in two yearsand the service sector has suffered a marked loss of growth momentum amid the cost-of-living crisis,” according to S&P Global.

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The euro traded in a tight trading band on Monday around $1.0450 on a lack of US momentum as markets remained closed due to the celebration of the Independence Day.

The vice president of the European Central Bank (ECB), Luis de Guindos, foresees a rise in interest rates in the euro zone in July of a quarter of a point.

Other members of the Governing Council also considered that a rise of a quarter of a point is appropriate, so the markets discount a rise in the price of money fall.

The euro was paid between 1.0299 and 1.0448 dollars until noon. (YO)

Source: Eluniverso

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