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The single currency of the European Union has fluctuated in a narrow range during the US session to experience its lowest rebound since July 19 against the US dollar following developments and economic data that followed Friday on the United States. economies of the euro zone and the United States. That included the tribute of US President Donald Trump to the performance of the US economy.
At 17:47 GMT, the EURUSD rose 0.13% to 1.1658, compared with the opening at 1.1643 after hitting a high of 1.1662, while reaching a lower at 1.1621. .
The second largest economy in the region, France's GDP, posted stable growth of 0.2% in the second quarter, below expectations of 0.3%, before reading the index of import price from Germany. Growth slowed to 0.5% against 1.6% in May, exceeding expectations by 0.3%, leading to the publication of the consumer spending index in France, down 0.1% compared to 1.0% in May. %
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 indicated that he wanted a clear US response to tariffs on steel and that he was not favoring a huge trade deal with the United States because the current context does not warrant it, explaining that the United States, on the legal taxes on steel and aluminum, and the United States have imposed tariffs on steel imports and from aluminum recently to countries of the world without exception. It was following the statements of the President of the European Commission, Jean-Claude Juncker, that the EU wants to increase its imports of liquefied natural gas from the United States in order to diversify its sources of energy and that a number of regions will work with the United States. Adding that it was agreed to suspend mutual tariffs between the parties during trade negotiations.
On the other hand, we followed the US economy by disclosing the preliminary reading of GDP, which shows that the world's largest economy grew by 4.1% in the second quarter against 2.0% in the first quarter, below expectations of 4.2% GDP growth accelerated to 3.0% against 2.2% in the first quarter, exceeding expectations by 2.3%.
In the same context, we also followed the reading of personal expenses of the second quarter which showed a rapid acceleration Growth to 4.0% against 0.5% in the first quarter, exceeding the expectations of 3.0%, while he explained The initial reading of basic personal consumption spending for the second quarter slowed growth to 2.2% from the previous quarter's reading and expectations of 2.2%.
This was before the speech of US President Donald Trump in Washington, where he praised the performance of the world's largest economy in response to data on US growth before the final reading of the index of consumer confidence of the University of Michigan. This rose to 97.9 from the previous preliminary reading and expectations to 97.1 from 98.2 in June.
Otherwise, US President Trump said yesterday that the United States and the European Union had begun negotiations to reduce commercial tariffs, adding that it had agreed to start a new phase in the relations between the parties. Adding especially 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 tariffs 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. [Jsid=id;jsasync=true;jssrc=”http://connectfacebooknet/ar_AR/alljs#appId=&xfbml=1″;dgetElementsByTagName('head')[0] .appendChild (js);} (document));
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