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The single currency of the European Union has fluctuated in a slightly bullish range during the Asian session to know its lowest rebound since July 20 against the US dollar on the eve of the economic data expected Friday by the economies of the euro zone and the US economy. In the world and following the decisions and orientations of the monetary policy makers of the ECB.
At 4:35 GMT, the euro rose 0.07% to 1.1651 against the US dollar versus opening at 1.1643 after the pair hit a 1-year high. , 1655 while the lowest reached a week at 1.1638.
Markets in the region's second-largest economy anticipate a preliminary reading of France's GDP, which could reflect a faster growth rate of 0.3% compared with 0.2% in the first quarter, ahead of the most important one. growth slowed down from 1.6% in May to 0.3%, leading to the publication of the consumer spending index in France, which could reflect slower growth at 0.6% compared to 0.9%.
This comes a few hours after the ECB meeting, during which it was agreed to keep interest rates at zero and stabilize the marginal lending rate at 0.25% while maintaining a negative deposit rate of -0.40%. Quantitative easing will continue until September of 30 billion euros per month before the program is halved to 15 billion euros by the end of the year. # 39; year.
Speaking at a press conference held after the meeting, Mr Draghi said that monetary policy had been maintained during a meeting on the ECB's expectations with regard to interest rate stability until the summer of 2019; While ensuring a sustained 2% increase in inflation towards the target in the short term.
French President Emmanuel Macaron said Thursday that France and the European Union did not want to wage a trade war with the United States at all, adding that some points of agreement from the president of the United States Commission Need to be clarified, explaining that the agricultural sector must be kept out of the negotiations with the United States.
French President MacRoon also noted that he wanted a clear US response on steel tariffs and that he did not favor a huge trade deal with the United States. United because the current context did not suit him. On the legal taxes on steel and aluminum, and the United States have imposed tariffs on imports of steel and aluminum recently to countries of the world without exception.
Following the statements of the President of the European Commission, Jean-Claude Juncker, the European Union wants to increase its imports of liquefied natural gas from the United States in order to diversify its sources of energy. # 39; energy. Adding that it was agreed to suspend mutual tariffs between the parties during trade negotiations.
On the other hand, the markets are currently banking on a preliminary reading of the GDP of the US economy, which could reflect the world's largest economy 4.2% in the second quarter versus 2.0% in the second quarter. first quarter and could indicate a preliminary reading of GDP Gross price growth in the last quarter accelerated growth to 2.3% from 2.2% in the first quarter.
Investors are also looking for a reading of personal expenses that could reflect faster growth at 3.1% vs. 0.9% in the first quarter, while the initial reading of basic personal expenses could slow to 2.2% against 2.3% in the first quarter, Before the final reading of the consumer confidence index of the University of Michigan for the month, which may reflect the increasing stability 97.1.
It happened hours after US President Donald Trump said his government had successfully opened European markets to US farmers, alluding to the launch of negotiations between the United States and the European Union aimed at reduce commercial rates. In the relations between the two sides, highlighting the importance of this day for free and fair trade, adding in particular that they know to a large extent where these negotiations will go.
The US President will also strive to reduce barriers and increase trade in services, chemicals, medicines and medical products, soybeans and Europe will increase its purchases of natural gas in America. The tariff imposed by his country on imports of steel and aluminum from the Union and the taxes imposed by the Union on US goods in response to this measure.
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