The rebound of the single currency, the euro, continues from its lowest in four weeks against the US dollar

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The rebound of the single currency, the euro, continued from its lowest in four weeks against the US dollar

The single currency, the euro, fluctuated in a narrow range tilted to the upside during the Asian session, to witness its rebound for the second consecutive session from its lowest since May 14 against the US dollar on the cusp of developments and economic data expected today, Monday, by the economies of the euro area and the US economy, the largest economy in the world .

At exactly 05:30 am GMT, the euro pair rose against the US dollar by 0.10% to 1.2163 levels, compared to the opening levels at 1.2151, which is the lowest level for the pair during the trading session, while the pair achieved its highest level during the trading session at 1.2173.

The markets are looking forward to Germany, the largest economy in the eurozone, for the release of a reading of factory orders, which may show a slowdown in growth to 0.4% compared to 3.0% in last March, and this comes before we witnessed by the economies of the eurozone as a whole, the disclosure of the Sentix consumer confidence index, which Reflects widening to a value of 25.5 compared to 21.0 last April.

On the other hand, investors are currently awaiting the US economy. The Federal Reserve revealed a reading of the consumer credit index, which may reflect a slowdown in growth to $19.5 billion, compared to $25.8 billion in March. Joe Biden on the fact that the jobs report for the month of May shows signs of progress in the US economy.

Biden noted at the conference held at the White House last Friday to comment on the labor market data for the past month, that manufacturing activity is the strongest in 15 years, adding that “no country in the Organization for Economic Cooperation and Development is growing faster than us, now 52% of Americans are fully vaccinated.” , economic and health progress due to government programs,” while noting that “in the coming weeks, the administration will take action to address supply chain concerns.”







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