A lack of data this week may be good for the euro

Friday was a relatively uneventful day for the euro, with any movements largely being triggered by events elsewhere. It took some strength in the early session following the release of German factory orders data, but any gains were given back in the afternoon following US non-farm payroll figures. US dollar strength saw the euro drop off against its American counterpart, and ground was also lost against sterling. Historically, if the US dollar strengthens significantly we see the euro weaken against its other peers, as traders sell off euros to buy up a strengthening dollar.

This week is a relatively quiet one on the data front, with industrial production figures from across the European bloc being the main fundamentals to keep an eye on.