After both the European elections and European Central Bank (ECB) President Mario Draghi’s addresses early in the week failed to have much of an impact on euro rates, it has proved to be a relatively quiet week for the single currency. Gains made against sterling were consistent yet unspectacular, while the euro weakened slightly against a resurgent US dollar. No interesting leaks were reported this week in the run up to the next ECB meeting on 5th June and investor activity seemed limited. Whilst there were a number of data releases during the week, they offered little in the way of impetus for rate movements. German Unemployment figures and French Consumer spending data were notably lower than expected, yet effects on performance were limited.
Rate movements in the run up to the next ECB meeting are not unexpected, but timing of such movements can be difficult to predict given the gravity of data releases and central bank meetings taking place on Thursday next week and the likelihood of trader activity in the build-up. German Retail Sales data, due out this morning, is the only data of note out today that has the potential to directly affect euro performance before the weekend.
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