Foreign exchange: Euro under some pressure again - deadline for tariffs approaching

FRANKFURT (dpa-AFX) - The euro weakened slightly on Monday after its recent stabilization. The common currency's exchange rate was at 1.1738 US dollars on Monday morning, slightly below its Friday evening level. The European Central Bank had recently set the reference rate at 1.1767 dollars (Thursday: 1.1782).

At the beginning of the week, the dollar gained against many other major currencies. The focus is on the trade conflict between the United States and numerous countries, including the European Union. Shortly before the deadline, the United States is informing several countries about new tariffs or possible trade agreements. According to President Donald Trump, 12 to 15 countries should receive corresponding letters by Wednesday. In the case of new tariffs, these would then take effect on August 1, added Commerce Secretary Howard Lutnick in a joint statement.

Economic data took a back seat. Although German industrial production unexpectedly rose again in May, Thomas Gitzel, Chief Economist at VP Bank, expressed skepticism: "Even if industrial production remains on track for recovery overall in the second quarter, strong growth is still not to be expected." Retail sales were too weak for that.

In the Eurozone, financial market experts' assessment of the economy has reached its highest level in more than three years. The economic indicator compiled by the analysis institute Sentix recorded its third consecutive increase. Overall, according to the experts, there are signs of a global economic upswing, in which the German economy could also participate this time./la/jsl/jha/