This week has been a difficult one for the euro, as it struggled throughout the week against both the US dollar and sterling. The single currency saw losses of 1.50% in a single day on Wednesday against sterling and almost 1% losses against the US dollar; most of this was driven by much worse than expected ZEW business confidence economic sentiment data, which was released at 6.4 – a significant fall from the expected figure of 12 and last month’s 11.2. German IFO business sentiment figures did show improvement for the currency, and some of the losses were erased across the board gradually on Thursday.
This morning consumer confidence data from France is released, anticipated to remain at 94. Any variance in this could mean we see some early movement for the single currency; other than this investors will be looking elsewhere for tier one releases.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.