Single Currency Slightly Lower
The Euro/Dollar pair has reduced 0.10% to trade at 1.2306. Eurozone PMI, retail sales and consumer confidence figures turned out to be negative. Today, the US will release Non-Manufacturing PMI. This week also marks the European Central Bank meeting. Members are expected to be dovish and Mario Draghi’s following press-conference will catch the biggest spotlight.
Donald Trump continues to insist on imposing a 25% tariff on steel and 10% tariff on aluminum, which is strongly opposed and critiqued by European officials. Last week, after the President announced his decision, euro rose 1.0%. Meanwhile, Italy and Germany had their election. Italy’s center-right coalition of former Prime Minister Silvio Berlusconi is most likely to win. It will take a lot of time to form a government if he eventually does. As of Germany, members of the Social Democratic Party voted in favor of the coalition with Christian Democratic Union/Christian Social Union.