The euro rose today as the German consumer sentiment remained stable this month. The currency kept gains even after the speech of European Central Bank President Mario Draghi fueled speculations that the central bank will act in June.
The GfK German Consumer Climate index remained stable at 8.5 in May, unchanged from the previous reading. The report said:
The mood of German consumers was once again confirmed as rather good in May this year. As in the previous months, no clear trend was discernible.
Draghi spoke today, mentioning negative factors for the economy, including the exchange rate. The market interpreted the speech as yet another sign that the ECB is going to ease monetary policy next month. The share of anti-eurozone members increased in the European Parliament after the elections that have occurred during the past weekend, adding to the downside pressure on the euro.
EUR/USD rose from 1.3623 to 1.3644 as of 22:22 GMT today. EUR/JPY went up from 138.82 to 139.07 and EUR/GBP gained from 0.8085 to 0.8101.
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