The euro rose at the beginning of the new year. By early Monday afternoon, the common currency cost $ 1.2302, almost a cent more than in Asian trade. At the end of last year, the euro had temporarily risen to $ 1.2310, its highest level since April 2018. The European Central Bank (ECB) last set the reference rate at $ 1.2271 on Thursday.
At the start of the week, the euro benefited above all from a broadly weaker dollar. The American currency was negatively impacted by the generally good mood on the financial markets. The hope for nationwide corona vaccinations this year as well as the strong financial support from central banks and states are supporting the mood.
There was also solid economic data from the euro zone. The industrial mood brightened in December and provided economic confidence in the markets. However, the industry is much less affected by the latest corona restrictions than the service providers. The polls for the services sector are expected later this week.
In the afternoon there will also be an indicator of industrial sentiment in the USA. However, the index compiled by the research company Markit is not as much noticed in the markets as the indicator from the ISM institute. In addition, figures from the real estate market are expected.
