The euro rose in the morning after Mario Draghi left all his important statements on Friday, avoiding talks about further trends in monetary policy.

Today, in the south of Germany, the president of the European Central Bank, Mario Draghi, said that recent studies show the benefit of the forecasts of the central bank and its quantitative easing program. Draghi emphasized the fact that it was low interest rates and a bond repurchase program that helped the eurozone avoid more serious consequences of the crisis and brought the economies of the eurozone member countries to almost pre-crisis levels.

Mario Draghi gave no indication regarding the further prospects of changing the monetary policy. Such statements can be made on Friday evening, during a speech at the symposium of the Fed in Jackson Hall.

Good support for the European currency was provided by the data on the purchasing managers' index for Germany's manufacturing sector, which in August this year increased significantly due to the increase in export orders. From this it can be concluded that the high rate of the European currency is not yet a serious problem to the eurozone economy Although the ECB's fears on this matter are fully justified.

According to the data, the index rose to 59.4 points from 58.1 points in July. Economists predicted a decline in the indicator to 57.7 points.Composite PMI in Germany in August rose to 55.7 points from 54.7 points in July.

The eurozone also demonstrated the same good growth rates of the economy. According to the data, activity in the production sector of the eurozone and exports increased.

According to IHS Markit, the composite PMI of the eurozone in August 2017 rose to 55.8 points from 55.7 points in July. Economists predicted a decline in the indicator to 55.4 points.

In the second half of the day, the US dollar was under pressure, after the data showed that sales of new homes in the US fell in June this year.

According to the report, home sales in the primary housing market in July this year fell by 9.4% to 571,000 homes per year, whereas economists had expected sales to be 615,000. The average price of a house in the primary market in July was 313,700 dollars.

As for the technical picture, everything again comes down to geopolitical tensions. The dollar index fell by 0.2% to 86.09. The EURUSD pair almost reached the upper border of the channel, located in the range of 1.1850. The consolidation at the American session above 1.1800 will give a good momentum for further growth of the euro to the area of 1.1850.