Single Currency Is Firm On Positive German Data, US Employment Next
The Euro/Dollar pair rose 0.14% to 1.1709. German and Eurozone Manufacturing PMIs lived up to projections. Today, the US releases nonfarm payrolls and wage growth data. Meanwhile, Donald Trump began imposing aluminum and steel tariffs on Canada, Mexico and the European Union, suggesting that the trade war is near at hand. The imposed countries are outraged, claiming they will immediately use retaliation measures.
In Italy, a coalition government has been formed with Giuseppe Conte as Prime Minister, Giovanni Tria as economy minister and Paolo Savona as EU affairs minister. 5-Star and League leaders Luigi Di Maio and Matteo Salvini will be vice premiers. The new Cabinet is yet to face a confidence vote in both houses. Overall, the whole political situation has eased.