Euro Reached a 2-Year Maximum
The US dollar remains weak because of uncertainty about the forecast of the Fed. The euro continues to grow and reaches a maximum in two years (1.17). The Japanese yen remains volatile. Stock indexes in Europe have significantly strengthened. FTSE traded higher by 0.95%, DAX - by 0.68%, and CAC - by 1.2%.
German Ifo business climate increased to 116.0 in July, and this is the highest level since 1997. Current assessment gauge rose to 125.4 in July, whereas it was expected that it would drop to 123.8. Expectations gauge was 107.3, which is much higher than the forecast of 106.5.
Oil prices recovered slightly after Saudi Arabia's oil minister Khalid Al-Falih announced a decrease in exports of 6.6 million barrels per day. It is expected, that the growth will reach +1.4-1.6 million barrels per day in 2018, which should compensate for the expansion of production in the US.