The euro had a quieter day on Friday, as it moved down against both sterling and the US dollar. Producer price index for Germany came out slightly worse than expected at -0.5%, compared to the forecast figure of -0.2%, but this was a slight improvement on last month’s figure of -0.7%, but overall the data disappointed investors. Other than this it was a slow day for the euro after a reasonable week – and the single currency begins this week on a positive note.
This week, the initial focus for investors will be German IFO business sentiment data, released today; this is expected to remain at the same level as last month at 105.7. This will be followed by ZEW business sentiment, which is forecast to fall slightly from 52.3 down to 52; but any figure above 50 is a positive one. On Thursday we have the Purchasing Manager Indices (PMI) for Germany, France and the Eurozone. Expectations are for the manufacturing indices to be under pressure and for service PMI’s to be steady given the amount of money the European Central Bank is pumping into the Eurozone economy.
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