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Cars: High US inflation burdens the Euro

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The euro has received a dampers due to the unexpectedly high inflation in the USA. After initial profits, the community currency slipped to $ 1,0005 in the afternoon. The European Central Bank set the reference course to $ 1.0175 (previous day: 1.0155). The dollar cost 0.9828 (0.9847).

Der Euro hat durch die unerwartet hohe Inflation in den USA einen Dämpfer erhalten. © Karl-Josef Hildenbrand/dpa The euro has received a damper due to the unexpectedly high inflation in the USA.

The upward trend of the euro came to an end after the news about an unexpectedly high inflation in the USA set the markets in motion. The annual inflation rate of 8.5 percent weakened to 8.3 percent in the previous month. However, analysts had expected an even greater decline to 8.1 percent. Economists also pointed out that the core inflation rate - i.e. without food and energy - has increased.

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With the surprisingly high inflation, the pressure on the US Federal Reserve is also increasing to take further significant interest rate increases against inflation. "The FED has to continue to step on the brakes, even at the price of any recession," wrote Commerzbank economist Bernd Weidensteiner in a comment. An interest rate increase of 0.75 percentage points at the meeting in the coming week is practically safe.

No major effects in the morning had the significantly fallen ZEW economic expectations for Germany. The barometer of the Mannheim research institute was more likely than experts expected and reached the lowest level since the financial crisis in 2008.

For other important currencies, the ECB put the reference courses for one euro to 0.86793 (0.86778) British pounds, 144.50 ( 144.49) Japanese yen and 0.9669 (0.9667) Swiss francs. In the meantime, the listing for a troy ounce of gold has slipped to the deepest stand for almost a week. In the afternoon, the troy ounce in London was still traded for around $ 1703. That was a good $ 17 less than the day before.

survey reveals gaps in financial knowledge .
The inflation has been vigorous in the purchasing power of people in Germany for months - but about a quarter of the population do not know what a rate of inflation is actually. This is a result of a representative survey on behalf of the Federal Association of German Banks (BDB). © Hauke ​​-Christian Dittrich/dpa The inflation has been vigorous in the purchasing power of people in Germany for months - but about a quarter of the population do not know what an inflation rate actually is.

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