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The euro exchange rate fell just under $ 1.17 on Tuesday in US trade.
Finally, the common currency cost $ 1.1684. At the beginning of the European years, the euro had dropped to $ 1.1655 before recovering significantly.
The franc also returned to 1.1614. In the afternoon, the common currency had cost 1,1630 francs. Meanwhile, the US dollar climbed to 0.9939 francs after 0.9929 francs in the afternoon
Economic data released in the European morning had been rather well received on the foreign exchange market. The business climate in the euro zone has been surprisingly darkened 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 is particularly vulnerable to 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 put companies under pressure during the summer months." at VP Bank. "After a relatively weak first half of the year, macroeconomic growth rates should pick up again. According to Gitzel, the service sector, weaker in July, should not be overestimated.
The Turkish lira has come under heavy pressure. The central bank of Ankara had surprisingly not raised its key interest rate despite record weakness in the national currency and rampant inflation. The director interest rate remained at 17.75%, while economists expected an increase to 18.75%. President Recep Tayyip Erdogan is an opponent with high interest rates – and has taken the central bank under his wing. According to economists, the credibility of the central bank is very low. The euro and the dollar have temporarily increased more than four percent compared to the Turkish lira. Recently, the read has only recovered a little bit.
/ la / he / jb
NEW YORK (awp international)
Source: filmfoto / Shutterstock.com, Vladimir Wrangel / Shutterstock.com, albertczyzewski.com/ Shutterstock.com, Yu Lan / Shutterstock.com
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