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Euro gains as dollar weakens

The euro rose to a new five-week high this morning, mainly due to dollar weakness prompting investors to put their money into the Eurozone.

Global markets were shaken this month after U.S. President Donald Trump moved to impose tariffs on Chinese goods and Beijing threatened similar measures.

Comments from Jens Weidmann, Germany’s likely candidate to become the European Central Bank’s next president, that market expectations of a rate hike towards the middle of next year were “not completely unrealistic” has also helped boost the euro.

The UK calendar today is bereft of major economic data or releases. The Eurozone focus will be on the economic sentiment indices and Spanish consumer price inflation.

In the US, the Conference Board’s consumer confidence report and the Richmond Fed survey will attract some attention.

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