- European investors are focused on the publication of the July index of the business climate in Germany from IFO, which was negative. Instead of the expected growth to 102.1 points, the indicator fell from 101.7 to 100.8 points. IFO head Clemens Fuest said that the mood in the German economy has deteriorated. Overall, German businesses fear supply chain disruptions amid a worsening pandemic around the world. Almost 64% of German companies complain about the lack of components. The index of expectations of German business also fell from 103.7 to 101.2 points. As for the new wave of coronavirus, representatives of the tourism and consumer sectors are especially concerned about its consequences.
- The euro gained on Monday as greenback dipped investors were cautious ahead of the Federal Reserve meeting. They key event of the week for markets is the Fed meeting, where investors will look for Chair Jerome Powell’s comments about the timing for the start of tapering of the central bank’s asset purchases.
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