The euro started the new trading week on Monday with gains. In the early afternoon, the common currency was quoted in the area of 1.2160 US dollars and thus around half a cent higher than the daily low. The European Central Bank (ECB) set the reference rate on Friday at $ 1.2127. The pound sterling rose even more sharply than the euro.
For a few days now, the euro has been near its highest level since spring 2018. The euro is being boosted above all by the prospect of corona vaccinations soon and the associated good mood on the financial markets. The dollar as a global reserve currency is therefore less in demand.
The British pound gained even more significantly. It benefited not only from the good financial market sentiment, but also from the continuation of the Brexit talks between Great Britain and the European Union. Although a self-imposed deadline expired at the weekend, the UK and the EU want to continue negotiating a trade agreement for the post-Brexit period.
Production data from the Eurozone industry did not move the markets significantly. In October, the manufacturing sector continued its recovery from the Corona slump in the spring without having already reached the pre-crisis level. The outlook for the industry is rather unfavorable due to the latest corona wave. However, the sector suffers less from virus restrictions than the service providers.
