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Good data on inflation in Germany, as well as statements by the Italian president on the formation of the government, supported the buyers of the European currency, which led to a good upward correction in risky assets, allowing them to return to yesterday's highs paired with the US dollar.
Today, Italian President Sergio Mattarella announced the possibility of creating a government, which will be supported by the parties "Movement of Five Stars" and the "League". However, despite this, negotiations to resolve the political crisis are continuing. It should be noted that on weekend the Italian president blocked the creation of the government by populist parties, and on Monday, Mattarella suggested the former International Monetary Fund staff member Carlo Cottarelli to form a provisional government.
Data on the German labor market, which remains in good condition, supported the euro. Many experts believed that a weak start to the German economy at the beginning of this year will affect the labor market.
According to the report of the Federal Employment Service, the number of unemployed in May this year fell by 11,000 compared with April. Economists had expected the number of unemployed to drop by 10,000. The unemployment rate in May fell to 5.2% from 5.3% in April.
As I noted above, inflation in Germany accelerated in May. This happened due to a serious rise in price of energy prices.
According to the report of the Federal Bureau of Statistics Destatis, the Harmonized Index of Consumer Prices in May rose by 2.2% against 1.4% in April. I should be noted that the target level of annual inflation, established by the European Central Bank, is at the level of just under 2%.
The pressure of the euro was tested after data to reduce the optimism of business circles in the euro area.
According to the report of the European Commission, the sentiment index in the economy of the eurozone in May this year fell to 112.5 points from 112.7 points in April. This suggests that the economic growth in the eurozone, which counts a number of representatives of the European Central Bank, is unlikely to recover quickly in the second quarter of this year.
Today, the Organization for Economic Cooperation and Development on Wednesday lowered the forecast for GDP growth in the eurozone in 2018 to 2.2% from 2.3%.
Data on the US labor market had little support for the US dollar in the second half of the day.
According to the ADP report, the number of jobs in the private sector in the US in May 2018 increased by 178,000, while the data for April were revised downward. In April, the number of jobs in the private sector increased by 163,000, and not by 204,000, as previously reported.
It should be noted that this Friday the report of the US Department of Labor on the number of jobs outside agriculture is expected. Economists predict an increase in the indicator by 198,000.
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