Single Currency Gets Better On German Data
The Euro/Dollar pair lifted 0.66% to trade at 1.1616. German retail sales rose 2.3%, marking the 5-month maximum. French Consumer Spending dropped 1.5% and Preliminary Gross Domestic Product reduced to 0.2%. Today, Germany will present Preliminary Consumer Price Index and the US will announce Preliminary Gross Domestic Product and ADP employment.
Yesterday, euro hit its low on the news about political tension in Italy. Sergio Mattarella (Italian President) declared his veto on the request to form coalition, that came from the Five Star Movement and the Lega Nord. The President also refused to give Paolo Savona, a known critic of the euro and idea of staying in the bloc, a seat of economic minister. Five Star Movement and Lega Nord were furious with Mattarella’s rejection. Now, Italy’s President ordered to form a temporary technocrat government, suggesting that Italy will have another pretty soon.