The euro was firm today as German consumer confidence improved this month and the International Monetary Fund approved another tranche of bailout for Greece.
The IMF approved the â¬1.7b for Greece’s bailout after completing the review. Christine Lagarde, the IMF Managing Director, voiced concerns about slow pace of reforms:
Given the slow progress in public administration reforms, efforts should focus on ensuring exit of unqualified personnel to create room to hire new staff with the relevant skills.
The German consumer sentiment index rose from 6.8 in June to 7.0 in July. The report explained the reasons for the improvement:
The continued stability of employment prospects and a moderate rate of inflation caused optimism to rise once more in July.
EUR/USD advanced from 1.3259 to 1.3275 as of 8:42 GMT today after falling to 1.3246 earlier. EUR/GBP was up from 0.8644 to 0.8657, trading near the highest since July 17.
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