Euro Significantly Decreased Against US Dollar
The euro fell 0.37% against the US dollar today, and the euro/dollar pair was trading at the lowest level since mid-July (1.1566). Eurozone Retail PMI slowed to 51.1. Retail sales in the euro area grew by 0.7% in September compared with the previous month. This was the first increase in three months and exceeded the expected increase of 0.6%.
Industrial production in Germany, whose economy is the largest in Europe, declined by 1.6% in September. The fall of the index exceeded forecasts of economists, who expected a decline of 0.8%.
Donald Trump wants the US Congress to pass a law revising the tax code before the end of the year, but most Democrats opposed this proposal. This bill can reduce corporate taxes from 35% to 20%.