Euro rises and approaches 1.17 dollars

The euro rose against the dollar today, approaching the $1.17 barrier, on the same day that an ECB member considered that there were no signs that would justify a further reduction in interest rates.

At 6:00 pm (Lisbon time), the euro was trading at $1.1692, while on Thursday, at the same time, it was trading at $1.1685.

In the last two sessions, the euro had been falling.

The euro also advanced against the pound and the yen.

The European Central Bank (ECB) set the euro's reference exchange rate at $1.1683.

In today's session, the euro fluctuated between 1.1668 and 1.1705 dollars.

Isabel Schnabel, member of the Executive Board of the European Central Bank (ECB), said in an interview released today that there are no signs that justify a further reduction in key interest rates.

"A further rate cut would only be necessary if we saw signs of a significant deviation in inflation from our medium-term objective. And at the moment, I don't see any such signs," Schnabel said in an interview published today by Econostream Media and quoted by Agence France-Presse (AFP).

At its meeting on June 5, the ECB decided to lower its main reference rate to 2.0%, the seventh consecutive reduction.

Since June 2024, the ECB has reversed its tightening cycle initiated two years earlier to combat rising prices, with the deposit rate falling from a record 4.0% to 2.0%, a value that is not considered harmful to the economy.