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German data supports EUR to rise to its highest level

5 Jul 2018 05:00 PM

The euro held steady near a three-week high as the strong German industrial demand boosted the single currency to rise against the US dollar to reach 1.1719, which has not reached it since June 26.

German industrial orders were better than expected in May after falling for four consecutive months, reports that the ECB is preparing to raise interest rates by September or October also helped EUR to go higher.

Markets have been moving in a tight range following the deadline for US tariffs for Chinese imports. The dollar index stood at 94.33, slightly higher than the important support at 94.20.

Markets await the release of the minutes of the FOMC meeting, which may point to Fed members' views following the rate hike for the second time this year and whether there will be further rate hike in the remainder of 2018.

The pound rose to a seven-day high to hit 1.3274 before easing in the wake of reports that May’s customs plan after Brexit was rejected.

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