The euro rose on Friday. The rate of the common currency climbed to $ 1.1975. However, as trading continued, the euro gave up part of its gains. The euro received support from better than expected economic data from Germany. More corona easing and the prospect of a better economy make consumers more optimistic than they have been for around a year. In their consumer climate barometer, the Nuremberg-based GfK market researchers predict an increase of 6.6 to minus 0.3 points for July. Experts had only expected an increase to minus 4.0 points. “We are leaving the lockdown behind us more and more,” said GfK specialist Rolf Bürkl on Friday. Thanks to falling corona incidences and great advances in vaccination, there are more loosenings and openings. “In addition, vacation is now possible again. This ensures increasing optimism.” In the USA, on the other hand, the sharp rise in inflation is dampening consumer confidence. This weighed on the dollar and gave the euro an additional boost. The spending of US citizens stagnated in May compared to the previous month, as the US Department of Commerce announced. Government cashier’s checks triggered a wave of consumption in March that is now ebbing, especially as prices are rising sharply.
On the commodities market, oil prices rose for the fourth day in a row. A barrel (159 liters) of the North Sea Brent cost $ 76.09 in the evening, 0.7 percent more than the day before. The price of a barrel of the US WTI variety rose 0.9 percent. The Opec + interest group, led by Saudi Arabia and Russia, will discuss its short-term funding policy next Thursday. It is expected that an additional expansion of oil production will be decided at this meeting.