The above market condition, amid investors and traders aimed to unwind their positions on the euro versus the Chinese currency, strongly supported the euro to escalate.
Last Friday, euro zone’s preliminary data showed that the region’s financial or economic growth slowed down in the second quarter to 0.3%, thus being lower the 0.4% figure that was recorded during the first three months of the year.
Furthermore, the data offsetting followed Greece’s governmental approval of the creditor’s deal for the nation’s bailout plan summing to €85 billion euros.
Moreover this week, traders and investors will focus on the July’s meeting held by the Federal Reserve regarding the interest rates hiking plan. In addition, the euro zone’s private sector and U.S.’s inflation data will also be closely watched on Wednesday.