German industrial figures pushes euro up

Posted 06 July, 2018

At the end of the week, the euro has risen against the majors at the Asian session driven by the industrial reports in Germany. At the same time, the yen remains on the downward track on Beijing's reaction to the new tariffs in the USA that come into force today.

PBOC reportedly reduced the reference USD-CNY rate to 6.6336.

The euro-to-US dollar exchange rate reached $1.1711 ($1.1691 earlier). The European currency also strengthened against the yen to some 129.60, compared to 129.32 recorded a day before.

Meanwhile, the US dollar lost some grounds vs the yen staying at some 110.59. For reference, the yesterday trading was closed at 110.64.

The greenback has lost some 0.1$ against the euro since the start of the week, though stayed generally unmoved vs the yen. 

According to the economic reports, Germany raised industrial production by 2.6% m-o-m in May, compared to 0.3% expected by the market analysts. The figures hiked 3.1% y-o-y (forecast – 1.5%).

Washington launched additional import duties on more than 800 products from China worth $30 billion per year. Moreover, Donald Trump's administration stated that the trade conflict could gather pace further with duties to be launched against all Chinese supplies worth $500 billion. Beijing, in its turn, responded that the USA would see their countermeasures very soon.

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