Euro Has Significantly Strengthened Against US Dollar
The euro has strengthened significantly and is trading at the highest level since May 2016 (1.1560). Such a rapid growth of the euro was caused by the depreciation of the US dollar. The US currency was influenced by the news that Republicans in Congress, faced with a lack of votes, abandoned the idea of implementing a bill on health care reform.
A survey, conducted at the Center for European Economic Studies (ZEW), showed that economic sentiment in Germany deteriorated more than expected in July. German ZEW Economic Sentiment fell to 17.5 in July from 18.6 in June. It was expected, that the estimate would drop to 18.0. The Eurozone ZEW Economic Sentiment was at 35.6, with the forecast of 37.2.