Euro Stabilized Above $1.18 Level

The euro has increased by 0.20% against the US dollar today. The euro/dollar pair is trading at 1.1805. German Ifo Business Climate fell to 117.2 in December, below the forecast of 117.6 points. The volume of construction in the Eurozone declined for the first time in seven months in October. The indicator decreased with seasonal variations by 0.4% compared to the previous month.

Coalition negotiations in Germany are continuing. Angela Merkel continues negotiations with other parties, after her Conservative bloc suffered losses in the September elections.

The US Congress, controlled by the Republican Party, is likely to adopt tax laws this week. Yesterday, in two official agreements in the Senate, it was decided to support the tax reform of President Donald Trump. Fed policymakers expect the US economy to get a short-term boost from the tax reform, and predict economic growth to be about 2% by 2020, and not up to 3%, as Trump and his administration predict.