020 7898 0500Above forecast manufacturing and services monthly Purchasing Managers’ Index (PMI) data from France and Germany suggested market expansion. Instead of inspiring the euro, the euro weakened, hitting a rate against sterling last seen in 2016. Why the sudden weakness is difficult to understand, perhaps it worries emanating from the European Union (EU) Finance Ministers Meetings involving the 28 member states in Brussels.
Data released today around the German Ifo Business Climate and the European Central Banks (ECB) long-term refinancing option, will look to measure the euro’s (EUR) momentum. Meanwhile, European Commission President Jean-Claude Juncker has warned the UK it faces a “very hefty” bill for Brexit, which will increase questions around sterling (GBP, pound) strength as Article 50 looms.
