Saturday, January 23We Break the News

Euro Trades Below $1.22

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The euro traded below the $1.22 level on Wednesday, moving further away from last week’s two-and-a-half-year high of $1.234, amid concerns over rising COVID-19 cases, fresh lockdowns and the slow pace of vaccination. Meanwhile, European Central Bank President Christine Lagarde said the central bank’s projections for 2021 growth were still very clearly plausible even with much of the 19-member euro area in lockdown. On a brighter note, the bloc’s industrial production rose 2.5% in November, marking the seventh consecutive month of growth and defying market expectations of a much smaller 0.2% increase. Investors also awaited the accounts of the ECB monetary policy meeting due tomorrow and details on a massive package of fiscal stimulus to be delivered in the US.

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