The euro fell after the publication of the ZEW index and fell to $ 1.1808. The day before, the common currency was quoted at $ 1.1861. Stock market professionals have lowered their already high expectations of the economic upswing. The barometer for the stock exchange traders’ assessment of developments in the next six months fell in July by 16.5 to 63.3 points, as the Mannheim Center for European Economic Research (ZEW) announced on Tuesday for its monthly survey of 180 analysts and investors.
“The decline in the ZEW expected balance was already announced with yesterday’s Sentix results. Since the assessment of the situation has increased very significantly, the recovery scenario for the German economy is intact the decline in ZEW expectations should not be over-interpreted, “said Ralf Umlauf from Hessische Landesbank. After the broken talks between the major oil-producing countries, the oil price went up and down. First, the North Sea variety Brent rose in price by 0.9 percent to a new two-and-a-half-year high of 77.84 dollars per barrel. The price for the WTI variety rose by 2.5 percent to 76.98 dollars and marked thus also the highest level since autumn 2018. In evening trading, the prices turned around three percent in the red. The ministers of the “Opec +“States, which include the members of the export cartel as well as other producing countries such as Russia, were unable to agree on an increase in production quotas in several rounds of negotiations Consequences of the coronavirus crisis are currently increasing.