The ZEW Indicator of Economic Sentiment declined to -24.5 for July, compared to -21.1 in June. As a consequence the euro, relative to the US dollar, decreased from USD 1.1244 to USD 1.1211 yesterday. The ZEW-index reflects confidence among institutional investors. This decrease can be explained, to a great extent, by the uncertain German export industry.
The British pound sank to the lowest level since 2017 versus the US dollar and hit a six-month low against the euro. The UK currency slipped to USD 1.2382 this morning. The decline follows the statement of the UK leadership candidate, Boris Johnson, opposing the Irish border backstop. This directly increases the chance for a no-deal Brexit.
The United States Department of Commerce announced an increase in business inventories of 0.3% in May compared to April. Sales rose 0.2% in that month.
The 6M Euribor is unchanged at -0.34% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.18% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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