A slight rise in the euro before the data of the main sectors in Europe

The euro rose in the European market on Monday against a basket of global currencies, for the first time in the last five days against the US dollar, to consolidate above its lowest level in a week, above the psychological barrier at $1.11.

The rise of the single currency remains limited so far, as investors await the release of important data from Europe, on the main sectors during July, which provide strong evidence about the health of the European economy during the third quarter of this year.

Euro exchange rate today

The euro rose against the dollar by 0.1% to $1.1133, from the opening price of trading at $1.1125, and recorded the lowest level today at $1.1117.

On Friday, the euro lost less than 0.1% against the dollar, its fourth consecutive daily loss, and hit a one-week low of $1.1108.

The single European currency, the euro, lost 0.9% against the US currency, the dollar, last week, in the first weekly loss in a month.

This weekly loss was attributed to corrections and profit-taking from the highest level in 17 months at $1.1275, and due to the release of better-than-expected economic data in the United States.

In contrast to profit-taking, the comments of some European Central Bank officials were less hawkish than expected, which reduced the prospects for raising European interest rates during the upcoming September meeting.

The main sectors

With the aim of evaluating the performance of the European economy during the third quarter of this year, investors are awaiting, at successive times today, the release of data on the main sectors in Europe during July. More positive data is in favor of economic flexibility and supports the euro exchange rate.

European Central Bank

The European Central Bank will meet next Wednesday and Thursday to discuss monetary policy appropriate to the developments of the European economy, as it is expected to raise European interest rates at a rate of 25 basis points, for the third time in a row.

European Central Bank President Christine Lagarde previously said that the decision to raise European interest rates during upcoming meetings will depend on economic data and the need for more monetary tightening.