On Friday, the euro dropped to $1.0630, its lowest level since last November, amid the prospect that the European Central Bank (ECB) might lower interest rates before the Federal Reserve of the United States.

The European currency traded at $1.0630 around 3:00 PM GMT this Friday, compared to $1.0705 in the late trading hours yesterday, marking a 1.74% decline for the week.

Meanwhile, the ECB has set the exchange rate at $1.0652.

The euro depreciated after the European Central Bank (ECB) decided yesterday to maintain interest rates at 4.5% and began laying the groundwork for a possible cut in June.

During the press conference following the Governing Council meeting, ECB President Christine Lagarde distanced the bank from the Fed, stating that they rely on data rather than the US institution when making monetary policy decisions.

Lagarde also noted that the origin of inflation in the US and the eurozone was different, as was the policy response or consumer dynamics, so their measures will also differ.

Meanwhile, in the United States, New York Federal Reserve President John Williams reiterated yesterday that there is no rush to lower interest rates in the country, after inflation rose by three-tenths in March to 3.5%, its second consecutive increase.

Furthermore, it was reported during the session that consumer confidence at the University of Michigan declined from 79.4 points in March to 77.9 points in April.

Additionally, finalized inflation data for March was confirmed in Spain (3.2%) and Germany (2.2%).

The single currency traded today in a fluctuation range between $1.0625 and $1.0729.