Euro fell on the European market on Monday against a basket of major and minor currencies, extending for the second consecutive day against USD, with corrections and profit taking from a three-month high as well as a recovery in US currency after China canceled trade talks with the United States.
Investors are looking forward to important data from Germany on business confidence levels this month and the testimony of ECB Governor Mario Draghi to the Parliament, which provides strong evidence on the future of monetary policy in the Elio region And.
Euro fell against the dollar by more than 0.1% as of 06:59 GMT, trading at $ 1.1730, the opening price of $ 1.1743, the highest at $ 1.1752 and the lowest at $ 1.1724.
Euro ended Friday’s trading down 0.2% against the dollar, its first loss in three days, on correction and profit taking after hitting a three-month high of $ 1.1802 earlier in the session.
Over the past week, the euro gained 1.1%, its second weekly gain in a row as global trade concerns eased, and investors shifted to fundamentals.
The dollar index rose 0.1% on Monday, extending for a second day in a row as recovery continued from a three-month low, reversing the recovery of the US currency as the best alternative investment, especially after China announced the cancellation of trade talks with the United States, to protest On Washington’s decision to impose sanctions on a Chinese military agency.
Investors are expected to release important data on confidence in the business climate in Germany, the euro zone’s largest economy, by 08:00 GMT. The IFO Institute of Business Climate Index in Germany is expected at 103.2 points from 103.8 in August.
The most important event today is the annual testimony by ECB Governor Mario Draghi on monetary policy and economic outlook. The certificate will begin by 13:00 GMT before the European Parliament’s Economic and Monetary Affairs Committee in Brussels. The certificate is expected to provide strong evidence on the future of monetary policy in the euro area, Especially after the end of the monetary stimulus program late this year.