It was another disappointing day on Thursday for the euro, wrapping up a disappointing week.
With a large number of data releases coming from the Eurozone, there was an air of optimism and a great opportunity to bounce back from the recent disappointment and strengthen against the other two major currencies. The most prominent of these releases was the Consumer Price Index (CPI) from Germany, which fell short of the forecast of 0.3% at 0.2%. Consumer confidence came out as forecast and as per last month at -7.1.
There is still some hope for the euro today as we have retail sales out from Germany this morning although these are expected to worsen from 0.5% to 0.3%. We also have Eurozone inflation data for July forecast to be steady at 0.2%, plus Eurozone unemployment figures for June which are expected to show a slight improvement to 11.0%