FRANKFURT (dpa-AFX) – At the beginning of the week, the euro hardly moved from the spot. The common currency was trading at $ 1.1259 on Monday morning, roughly on Friday night’s level. The European Central Bank set the reference rate at $ 1.1304 on Friday afternoon.
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The mood on the stock markets deteriorated further on Monday. However, this did not significantly impact the euro. A new outbreak of corona virus in Beijing unsettled investors as well as unexpectedly weak economic data from China. The recovery of industrial production there in May was not as strong as hoped.
“In general, China’s economy has continued to recover over the past few months,” wrote economist Hao Zhou of Commerzbank. “However, the new local Covid-19 cases in the capital bring new uncertainties with regard to the economic outlook.” / La / bgf / fba
