Frankfurt The euro gave way at the beginning of an eventful week. On Monday morning, the common currency was at a low of 1.1630 US dollars, the lowest it has been in a month. The American dollar, on the other hand, was sought after. The European Central Bank (ECB) set the reference rate on Friday at $ 1.1698.
The US dollar remains in demand on the financial markets. Market participants explain the high demand for the global reserve currency on the one hand with the upcoming US presidential election. Uncertainty about the election outcome is driving investors into what are perceived as safe investments such as the dollar. In addition, the US Federal Reserve will decide on its monetary policy this week.
The business surveys of the Markit and ISM institutes are due to start the week with economic data. It’s about the mood in the industrial sector in both Europe and the US. The indicators provide important information about the economic situation during the Corona crisis.
More: After the significant losses in the past week, trading on Monday should be calm.