USD benefits from global mood
The mood on the markets took a downturn at the end of last week. Concerns about the prospects for global economic growth were hit by negative comments from ECB president Draghi following Thursday’s rate cut.
Meanwhile, China’s consumer prices eased more than expected with the annual rate of inflation dropping to 2.2% in June from 3.0% in the previous month. This signals falling demand for goods in the world’s second-biggest economy and the likelihood of more growth-supporting policy moves in the weeks ahead.
The ‘risk-off’ mood has weakened the euro with EUR/USD hitting a low of $1.2225 in Asian trading before a modest recovery. Sterling has been more stable with GBP/USD supported above $1.5450 while GBP/EUR is testing the €1.26 level. Today eurozone finance ministers meet in Brussels to flesh out plans agreed at last month’s summit.
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