Euro Stays Weak Against US Dollar
The euro remains under pressure after mixed economic data from Germany and the Eurozone. The US dollar is trading volatile against major currencies. Investors are following the trip of US President Donald Trump to Asia and the US tax reform.
Eurozone Sentix Investor Confidence grew more than expected to 34.0 in November from 29.7 in October. This was the highest rate since July 2007, and the expected result was 31.0. In Germany, investor confidence reached a record level in November. The corresponding index rose to 42.4 from 37.7 in the previous month.
Markets are waiting for the RBA's decision on the interest rate. It is forecast, that the central bank will keep the cash rate unchanged at 1.50%. The last time the Australian central bank changed its monetary policy in August 2016. Then the RBA lowered the interest rate by 25 basis points. There are suggestions that the RBA may reduce forecasts of short-term GDP, since the latest economic data were unstable.