The FINANCIAL — The European single currency advanced against the dollar on Wednesday, ahead of a widely-expected steep interest rate cut from the US Federal Reserve. In Georgia Euro rate was fixed on GEL 1.8068 after its lowest level 1,74 on October 27.
“The demand increased for dollars on the international financial markets. For this reason euro was jumping up and down during the last two weeks. But as it seems the euro is on its way of recovering,” said David Amaglobeli, the President of National Bank of Georgia(NBG).
So if you’re going to Europe it’s the best chance for you to buy as many euros as possible because euros’ rate won’t stay so low for long.
In morning London trade, the euro rebounded to 1.2777 dollars, compared with 1.2767 late in New York on Tuesday, when it had briefly hit 1.2328 — which was the lowest point since April 2006.
In London morning trading on Wednesday, the euro changed hands at 1.2777 dollars against 1.2767 late Tuesday, at 123.98 yen (125.87), 0.7970 pounds (0.7982) and 1.4651 Swiss francs (1.4736).
For the month, euro/dollar was down nearly 10 percent for October, on track to a record monthly decline.
The euro may come under further pressure as data on Friday showed inflation easing in the euro zone, giving more scope for the European Central Bank to cut rates next week.
October consumer price index for the euro zone likely rose 3.2 percent after a 3.6 percent gain in the previous month. The data is due out at 1000 GMT.