This is the most important news in the Forex market today.
Euro slumps as the crisis of the government coalition worsens in Germany
On Monday, the common currency slipped at the beginning of the trading session right after German Chancellor Angela Merkel got another blow when her interior minister, who told that he was on the verge of resigning because of the country’s migration policy.
Horst Seehofer, Germany’s Interior Minister, who actually backed tightening border controls, told he was geared up towards resigning from his current position and also as chairman of the Christian Social Union, Merkel’s junior partner in her coalition.
After Friday’s considerable soar, the common currency rapidly lost momentum because the departure of Seehofer is going to be considered to be an uncertain future for Germany’s current Chancellor Merkel.
On Friday, the common currency rallied after the EU leaders came to a migration agreement, which market participants hoped would relieve the pressure on Merkel.
The evergreen buck ramped up its revenue versus the Japanese yen, hitting a fresh six-week maximum because the latest poll of the Bank of Japan Tankan disclosed a moderate dip in the mood of key Japanese producers. Additionally, the activity index in the sector of key producers in the second quarter headed south from 24 to 21 in the first quarter. In the services sector the index of business activity tacked on to 24 from 23.
The Australian dollar edged down after the publication of weaker data on the activity index in the manufacturing sector of China and Australia.
Meanwhile, in June, the index of business activity of the manufacturing sector of Australia dived a bit from May’s reading of 57.5 to 57.4.
In addition to this, in June, the manufacturing sector in China kept expanding, although a slower tempo, according to the last survey of Caixin.
In June, the index of business activity of the Chinese manufacturing sector tumbled to 51.0 from May’s outcome of 51.1.
During today's press conference, the ECB president said that the data was "somewhat" better than the expectations in the first quarter. T
Australia will release the level of employment change and unemployment rate on June 13, at 4:30 MT time.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Monday, gold declined because the evergreen buck managed to gain early traction, thus putting pressure on the most popular precious commodity, which has been sticking with the year’s minimums…