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The euro significantly strengthened its position in tandem with the US dollar after the data indicated the preservation of good sentiment in business circles of Germany, despite all the trade problems with the US and disagreements with the UK. This again confirms the fact that the largest economy of the eurozone will retain a fairly stable growth rate in the near future.
According to the report of the German institute Ifo, the mood in the business circles of Germany fell only a little, maintaining good growth in September after an excellent performance in August 2018.
According to the data, the sentiment index in business circles of Germany in September decreased only to 103.7 points from 103.9 points in August. Data for August were revised upward. Economists did expect the index to fall to 103.2 points.
As noted by Ifo, the German economy demonstrates its strength, despite the growing uncertainty.
China refused to negotiate with the US
Today, it became known that China made accusations against the administration of the US President Donald Trump, which are associated with aggressive behavior in trade relations. This happened immediately after the new US trade duties entered into force today.
Also, the Chinese authorities refused from the talks scheduled for this week with the US on trade. This further overshadows the prospects for resolving the trade conflict, which in the future will harm the world economy.
Markets practically did not react to China's refusal to negotiate.
It is worth recalling that this week, the UN General Assembly will hold a session at which representatives of the United States and several European countries will discuss issues related to trade, as well as a nuclear deal with Iran, which could lead to a surge in volatility in the markets.
OPEC, Russia, and oil
Meanwhile, quotes of oil continued to grow, updating the July highs. This Sunday, a meeting of the OPEC committee took place, at which Saudi Arabia and Russia signaled the availability of sufficient capacity to increase production, if necessary, or to resume interruptions in supplies on the world oil market.
The growth of quotations occurred after countries postponed the adoption of specific decisions on changes in the level of oil production by the end of this year. The report indicates that only a gradual increase in oil production is planned in accordance with the decision, which was made in early summer. However, as I noted above, there were no concrete plans for the volumes of increase in production.
Technical picture of oil
WTI oil has renewed the highs of July this year and reached the level of 72.37 US dollars per barrel. The breakthrough of this range opens prospects for a return to the annual highs in the region of $ 80 per barrel, which the United States is so opposed to, constantly exerting pressure on OPEC. In the case of a downward correction, a good support level will be the area of 68.50.
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