Euro remains under pressure against dollar By dpa-AFX

NEW YORK (dpa-AFX) – The euro remained under pressure on Friday after some significant losses in the past few trading days. At 1.1044 US dollars, it reached its lowest level in over a year. The euro last cost 1.1053 dollars in New York trading. The European Central Bank (ECB) had set the reference rate at 1.1087 (Thursday: 1.1088) dollars, with the dollar costing 0.9019 (0.9018) euros.

In the afternoon, better-than-expected US economic data initially did little to boost the dollar. Private incomes rose slightly more than expected in July. Data on price developments show that the inflation rate, measured by the PCE price index, did not change in July.

However, there was a clear disadvantage in terms of inflation in the Eurozone. In August, the inflation rate fell to 2.2 percent, after being at 2.6 percent in July. “The door is wide open for the ECB to cut interest rates in September,” said chief economist Thomas Gitzel of VP Bank, commenting on the price data.