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Euro elevates to two-month high despite weak data

Euro elevates to two-month high despite weak data

The euro continued to rise against the dollar for a fourth consecutive session, on its way to record its second consecutive weekly gain, where it leaped to the highest level in two months during Friday's trading despite weak data released by the German and French economies.

The euro against the dollar recorded the highest level in two months during today's session at 1.1113, after opening trading at the level of 1.1071.

Today, the German economy released data on the import price index for the month of April, which witnessed a decrease of 1.8% from a previous decline of 3.5%, while the retail sales index in recorded a decrease during the same month by 5.3%, from a previous of 5.6% drop.

As for France, the economy relapsed into contracting, in light of the repercussions of the Coronavirus and the procedures followed accordingly.

The French GDP index for the first quarter of the year recorded a contraction of 5.3% and the previous reading indicated a contraction of 5.8%, matching expectations.

Also, the consumer price index was released in France for the month of May, to witness a stable reading of 0.0%, unchanged from the previous reading. Expectations were for an increase of 0.1%, while the annual index increased by 0.2% after expectations and the previous reading indicated an increase of 0.3%.

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