The single currency of the euro rebounds from its lowest level in two weeks against the US dollar during the first session of the week

The single currency of the European Union has fluctuated in a slightly bullish range during the US session to see its second consecutive session fall since July 2 against the US dollar following developments and economic data that followed Monday on the economies of the euro area and the economy. The largest economy in the world.

At 02:57 GMT, the EURUSD rose 0.21% to 1.1710, from 1.1676, after hitting a high of 1.1725, while reaching a low of 1.1676. .

The third-largest economy in the euro area followed Italy's trade balance in May, reflecting a widening of the surplus to 3.38 billion euros against 2.99 billion euros. In April, exceeding expectations by 3.25. This was the same reading for the entire region, which showed that the surplus declined to 16.9 billion euros from 18.0 billion euros in April, either less than the forecast of 17.6 billion euros.

On the other hand, we followed earlier statements by the governor of the German central bank and member of the European Central Bank Jens Feidman, in which he warned the German government to slow down economic growth in the largest economy in the region euro. Considering that in the event of an economic downturn, the European Central Bank may not be able to return to natural policies as planned.

In another context, the German Foreign Minister called on European countries to unite after the statements of US President Donald Trump, saying that Europe could no longer count on US President Trump to strengthen its partnership with the United States. , Adding that Europe should not be divided under these conditions and current trade tensions.

In the same vein, European Council President Donald Tusk said today that trade wars could lead to bitter conflicts and that President Trump should help reform the trading system. global instead of a disadvantage. From China, Russia and the United States to the need to adhere to the global reform of the World Trade Organization, adding that we still have time to avoid conflicts and chaos.

The Chinese Premier said in a statement on the sidelines of a summit with European leaders that his country did not want a trade war with the United States and that it wanted to resolve trade tensions with United States. Adding that China wants to be more balanced in its relations with the EU, push the investment promotion negotiations with the EU and reach an agreement as soon as possible, while expressing the willingness of its country to facilitate market access and tariff reduction.

On the other hand, we follow the reading of the retail sales of the US economy, which accounts for about half of consumer spending, accounting for more than two-thirds of US GDP that has slowed down to 0.5% against 1.3% in May. Beyond expectations of 0.4% The base reading of the same index also showed a slowdown in growth to 0.4% in line with gains against 1.4% in May.

In the same context, we also followed the world's largest economy and the largest industrial nation in the world, revealing the reading of the New York industrial index, which was shrinking at 22.6 from 25 , 0 last June. , Leading to a reading of wholesale values ​​that showed an acceleration of growth to 0.4% in line with expectations against 0.3% in April.

On the other hand, investors look into the semi-annual policy of Federal Reserve Governor Jerome Powell on monetary policy before the Senate Committee on Banking, Housing and Urban Affairs Tuesday and before the House Financial Services Committee Wednesday. Following the presentation of the summary report of the discussions on the monetary policy and the economic evolution as well as the future prospects of the Federal Reserve at the end of the Congress last week.