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The trade war will continue. Negotiations of high-ranking representatives of the European Union and the United States failed to produce any results. In this regard, it is difficult to expect that the agreement that was reached during the meeting of US President Donald Trump with the chairman of the European Commission Jean-Claude Juncker will be respected.
The administration of the White House is not yet up to the aggravation of trade relations with the EU, since all attention is focused on the trade war with China. Until the first results of "spoiled relations" with the Celestial are reached, it is unlikely that Trump will begin an open "war" with the EU.
All that is known at the meeting of US Trade Representative Robert Lighthizer and member of the European Commission Cecilia Malmstrom is that the talks were constructive and aimed at the future. However, as always.
The data published today in the morning on the growing German economy helped the euro to update its weekly highs.
According to the report of the ZEW scientific center, the index of economic expectations in September of this year continued its growth and amounted to -10.6 points against -13.7 points in August. Economists had expected this figure at -12.9 points. The data is outstripping. According to ZEW, the growth in economic expectations can be explained by the conclusion in August of a bilateral trade agreement between the US and Mexico.
The index of current conditions in the German economy in September was 76.0 points compared to 72.6 points in August.
Data on the US economy encouraged investors, as the indicator of the mood of small business owners in the US reached a new record level.
According to the report of the National Federation of Independent Business of the USA, the optimism index of small business in August 2018 increased by 0.9 points and amounted to 108.8 points. It should be noted that out of the ten components that make up the index, six showed growth.
As for the technical picture of the EUR / USD currency pair, the pressure on the euro after the unsuccessful growth above 1.1620 rose. The breakthrough of support 1.1580 will lead to a new wave of short positions in risky assets, which will push the trading instrument even lower, to the lows of 1.1550 and 1.1525.
The British pound rose in the morning on data on unemployment in the UK. According to the report of the National Bureau of Statistics of Great Britain, the number of unemployed from May to July this year fell by 55,000, and the unemployment rate was 4.0%. But the number of economically inactive population increased by 108,000 people.
In this report, a more important component is the growth of wages, which will have a positive impact on consumer spending and will support economic growth in the future. A healthy labor market will also allow the Bank of England to continue raising interest rates.
According to the data, wages in the period from May to July increased by 2.9% compared to the same period of the previous year after an increase of 2.7% on average between April and June.
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