The euro rose with the opening of the European market on Friday against a basket of global currencies, in an attempt to recover from a three-week low against the US dollar. However, it remains on the verge of incurring a second consecutive weekly loss amid difficult trade negotiations between the European Union and the United States.

With growing doubts recently about the likelihood of a European interest rate cut at this months European Central Bank meetingespecially after key inflation data for Juneinvestors are awaiting more important economic data from the eurozone.

The Price

Euro exchange rate today: The euro rose against the dollar by 0.35% to ($1.1634), from todays opening price of ($1.1595), recording a low of ($1.1591).

The euro ended Thursdays trading down by 0.4% against the dollar, marking its sixth daily loss in the past seven days, and recorded a three-week low at $1.1556 after strong economic data was released in the United States.

Weekly Trading

Over the course of this weeks trading, which officially ends at todays price settlement, the euroEuropes single currencyis down so far by about 0.5% against the US dollar, on track to record a second straight weekly loss.

The US Dollar

The US currency is heading toward a second consecutive weekly gain against major currencies, supported by some strong US economic data that reinforced the view that the Federal Reserve can afford to wait longer before cutting interest rates again.

Thursdays data showed US retail sales rebounded more than expected in June, while jobless claims fell last week to their lowest level in three months.

Earlier in the week, a report showed consumer prices rose by the most in four months in June, indicating that Donald Trumps tariffs have begun to affect inflation.

Traders are currently pricing in about 45 basis points of US interest rate cuts for the remainder of the year, down from nearly 50 basis points at the start of the week.

Trade Negotiations

Trump has threatened to impose 30% tariffs on the European Union and Mexicotwo of the United States largest trading partnersstarting from August 1.

In a swift response, the European Union said it would extend its suspension of countermeasures to US tariffs until early August and would continue to push for a negotiated settlement.

European Interest Rates

According to some Reuters sources, a clear majority at the latest European Central Bank meeting expressed a preference to keep interest rates unchanged in July, with some calling for a longer pause.

Money market pricing for the likelihood that the European Central Bank will cut interest rates by about 25 basis points in July is currently steady around 30%.

To reassess these expectations, investors will closely monitor upcoming economic data from Europe, as well as comments from European Central Bank officials.