Euro on upward trend on Lagarde’s statements, China’s fresh measures

The euro has continued to rise since the beginning of daily trading on Monday, driven by improved risk appetite in global financial markets after measures announced by China to support the real estate sector, in addition to statements by Christine Lagarde, President of the European Central Bank, which favoured further raising European interest rates.

The euro/dollar rose to 1.0794, compared to the previous daily close of 1.0773. The pair fell to its lowest level on the first trading day of this week at 1.0771, compared to the highest level recorded at 1.0809.

“It is necessary for central banks to set their own inflation targets at a time when fluctuations in energy prices and geopolitical changes are taken into account among the factors affecting inflation,” Christine Lagarde said.

Chinese stocks jumped on Monday after Beijing announced some measures that would give a boost to the real estate sector, after the government decided to allow some major cities to reduce down payments on house prices, in addition to encouraging banks and lenders, especially mortgage lenders, to reduce interest on this type of mortgage. Real estate financing, which reflected positively on most risk assets traded in the markets.