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15/07/24
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EUR Surges To 4-Month High
On Monday, the euro kept pushing up and was higher for the 4th consecutive day. EUR/USD traded at about 1.0913, 0.34% higher for the day. The euro touched a peak of 1.0920 earlier, the highest level since Mar. 21.
In recent weeks the US dollar has hit a tough patch and fell against the major currencies. In July the euro gained 1.9%.
Eurozone industrial production declined sharply for the second consecutive month, a grim reminder that the manufacturing sector is in trouble, with demand across most of the eurozone weakening and a global economy that is still attempting to recover.
In May, eurozone industrial production dropped 2.9% y/y, after April’s revised 3.1% decline. In May, the indicator declined 0.6% monthly, from April’s revised reading of 0%. Although both readings were better than expected, they point to production contracting.
At the end of the week, the June Producer Price index in the US unexpectedly accelerated from a revised 2.4% to 2.6% y/y, and higher than the 2.3% market estimate. That was the highest level since March last year.
PPI inched up from a revised 0% in May to 0.2% monthly, and above the market estimate of 0.1%.
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