Single Currency Holds Steady
The Euro/Dollar pair rose 0.08% to trade at 1.1649. Eurozone Purchasing Price Index increased to 0.8%. Retail Sales reduced to 0.0%. Tomorrow, Germany and the Eurozone will publish Services PMIs. The Eurozone economy is seemed to be entering a phase of downturns, considering recent data. PMI pointed at a 6th consecutive decline. Plus, the trade friction with the US also weighed on the economy. German Retail Sales dropped 2.1%, marking the largest fall in a year and Preliminary Consumer Price Index declined from 0.5% to 0.1%.
EU officials reached an agreement on migration. But, this didn’t end the political tension in Germany. Interior Minister Horst Seehofer, who is notorious for his rough migration restrictions, claimed he will resign as minister as well as chair of his CSU. Seehofer wasn’t satisfied with the new rules, claiming they weren’t tough enough. The euro will suffer if such uncertainty continues.