Foreign currencies and commodities – a strong economy supports the euro economy

The eurozone’s recovery continues, as new private sector data show. This brings the common currency back above the $ 1.17 mark.

Earlier this week, the euro rose above the $ 1.17 mark following the release of monetary zone economic data. On Monday evening, the common currency traded half a US cent higher at $ 1.1746. The eurozone’s recovery ran out of steam in August, but remains strong thanks to corona easing and good economic conditions in Germany. The index of purchasing managers in the private sector – industry and service providers combined – fell from 0.7 to 59.5 points, according to the Markit IHS institute. The barometer, which has garnered a lot of attention in financial markets, has remained well above the 50 mark, from which it indicates growth.

The price of oil recovered after seven days of losses and thus recovered somewhat from its recently reached three-month low. The price of a barrel of Brent crude rose 5.2% to $ 68.58. Despite lingering demand concerns, a weaker dollar provided a boost. This makes crude oil cheaper for holders of other currencies. More recently, the spread of the delta variant of the corona virus has negatively impacted sentiment in the oil market. This has been accompanied by concerns for the economy, as new restrictions on public life are threatened or have already been implemented in some countries.

Meanwhile, Bitcoin crossed the $ 50,000 mark for the first time since mid-May. After hitting a record high of nearly $ 65,000 in April, the largest of all cryptocurrencies has been overlooked amid the major environmental impact of its manufacture and fears about future regulation. Now, the US online payment service PayPal has announced that it will allow the buying and selling of digital currencies. The recent rally in the crypto market has revived Bitcoin price predictions of $ 100,000 and above.

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