It was a mixed end to the week for the euro, as the single currency strengthened very slightly against sterling, but weakened against the US dollar. Most of this was down to the European Central Bank (ECB) President Mario Draghi reiterating that the central bank will do “what is necessary to ensure that inflation returns rapidly towards its goal of just under 2%”. It was also a mixed result for data last week, with Producer Price Index (PPI) data coming out a little worse than expected for Germany at -0.4%, while Consumer Confidence figures vastly exceeded expectation and ticked up to -6, an impressive figure, bearing in mind the forecast was -7.5.
Today, we expect a whole raft of preliminary November Purchasing Managers Indices (PMI) to be released from the Eurozone. Expectations are for the figures to hold steady when compared to the previous month , while Friday will also be an important day for European data, with the release of Consumer Confidence figures for the Eurozone.
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