According to economic data: This is why the euro exchange rate still drops below 1.17 US dollars – Turkish lira heavily under pressure | message

Finally, the Community currency cost $ 1,168. In the first European countries, the euro fell to $ 1.165 before recovering significantly. The European Central Bank set the reference rate at 1.1706 (Monday: 1.1716) dollars. The dollar thus cost 0.8543 (0.8535) euros

The economic data published in European morning trading have been rather well received on the foreign exchange market. The sentiment of business in the eurozone was surprisingly deteriorated in July. However, the Purchasing Managers' Index noted by the Markit Institute has been hampered by weaker performance in the services sector, while the situation in the sector has improved despite trade disputes. . This is remarkable because the industry suffers particularly from possible customs disputes. More recently, the trade dispute led by the United States with the European Union, China, Mexico and Canada has intensified.

"The good news is that the current trade dispute does not seem to weigh on companies during the summer months," says Thomas Gitzel. at VP Bank. "After a relatively weak first half of the year, overall economic growth rates are expected to return to some pace. According to Gitzel, the service sector, weaker in July, should not be evaluated.

The Turkish lira has been under heavy pressure. Previously, the central bank of Ankara had not raised its interest rate surprisingly despite a record low domestic currency and galloping inflation. The interest rate manager remained at 17.75%, while economists were expecting mainly to increase to 18.75%. President Recep Tayyip Erdogan is an opponent with high interest rates – and has taken the central bank under his wing. The credibility of the central bank is barely given, according to economists. The euro and the dollar have temporarily gained more than four percent against the Turkish lira. Recently, the lira only recovered slightly. / La / he

NEW YORK (dpa-AFX)

Sources of images: Denis Vrublevski / Shutterstock.com, filmfoto / Shutterstock.com, Anton Matushchak / Shutterstock.com, Mark Oleksiy / Shutterstock.com