The euro is again just above the US dollar exchange rate on Thursday morning. Specifically, the common currency costs $1,0035, slightly more than the night before.
On Wednesday afternoon, the European Central Bank (ECB) set the benchmark interest rate at $1.0039. A day later, all eyes are now on US inflation data. The government has released consumer price figures for October. Analysts expect high inflation to moderate slightly on average. If that happens, it would support the general expectation of somewhat more lenient monetary tightening by the US Federal Reserve.
The Federal Reserve (Fed) has already raised interest rates sharply to fight inflation. Recently, however, she has promised a slower pace so as not to overwhelm the economy.
Eleven percent inflation in Austria
In Austria, inflation reached a new high of 11 percent in October (Statistics Austria estimate, note). Despite some easing in energy markets, electricity and gas are likely to have once again been the strongest price drivers. In addition, food, alcohol, tobacco, industrial goods and services were significantly more expensive in September than in the previous year. According to the WIFO business survey, the outlook for the Austrian economy is rather bleak.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
