The US dollar closed a second consecutive week with declines. Attributing to the weak sentiment was a mix of political and economic factors. Troubles continue for the Trump administration, and news sources revealed that the Russian hacking scandal could now extend into Trump’s business holdings as well. Most recently, Sean Spicer, the White House press secretary resigned. The uncertainty about the Trump administration alongside the Fed sitting on its hand saw the greenback decline.
As a result, the euro managed to maintain its gains at two-year highs into Friday’s close. The common currency got a vote of confidence as investors bought the euro after interpreting the ECB’s statements and Mario Draghi’s comments last Thursday.
Looking ahead, Monday will see the flash manufacturing and services PMI figures for July from the eurozone. Later in the day, the US flash PMI’s will also be coming out with expectations showing a relatively stable number for July.
