The euro fell against the Swiss franc to its lowest level

The euro rose against the major currencies during Thursday’s trading, with the exception of its decline against the Swiss franc, as the energy crisis and some negative data continued to pressure the price of the single European currency. Where the euro fell to its lowest level in seven years against the Swiss currency, the levels recorded by the euro against the franc in 2015 when the Swiss National Bank removed the limit of the link with the euro at levels of 1.20 Swiss francs. It is noteworthy that the euro recorded sharp declines and broke the level of parity against the dollar during the last month’s trading.

ECB member: The eurozone faces a difficult economic outlook

On the economic crisis, Luis de Guindos, vice president of the European Central Bank, commented that the eurozone “is facing difficult economic prospects at the moment”. He also added that “the future of the EU financial system in a new geoeconomic context” and listed inflation expectations, which are expected to rise to 6.9% during 2023 and rise by 2.7% in 2024. De Guindos attributed the economic slowdown due to inflation, which is rising due to the impact of The rise in energy prices, which is the main driver of inflation expansion, amid expectations that the crisis will continue until the end of next year.

EU Parliament: Hungary is no longer a full democracy

On the political front, political tensions are emerging in the European Union alongside military tensions in Ukraine, as MEPs decided during today’s session that Hungary’s system of government is a “hybrid system of electoral tyranny”, and not fully democratic. Amid calls by the European Parliament, the European Commission to cancel financial aid previously granted to Hungary, such as funds earmarked for its recovery from the ongoing economic crisis, until the above-mentioned concerns are addressed.

The rise of the euro against the major currencies

In terms of trading, The euro fell against the Swiss franc, by 0.31%, to record levels of 0.95755. On the other hand, the euro rose against the dollar by 0.31%, to record 1.00135. The euro also rose against the New Zealand dollar by 0.23% to hit 1.66674. The euro-Canadian dollar also rose 0.31% to trade at 1.31827. And that at 13:50 GMT.

Meanwhile, the euro rose against the Japanese yen by 0.36% as the pair traded at 143.3880. The euro also rose against the Australian dollar, adding 0.36% to settle at 1.48439. The euro also advanced against the British pound, by 0.58%, to record levels of 0.86971.

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