Currency Note Euro

Could positive data this week help the euro to strengthen?

By Ricky Bean November 9th, 2015

The euro ended the week on a low, struggling across the board – mainly due to the US dollar strengthening thanks to the US non-farm payrolls data release being much better than expected. As the single currency is the second most traded currency in the world, it often moves in the opposite direction to the US dollar.

This week we could see some movement for the euro, as there are a few key data releases due for the Eurozone. On Thursday, Industrial production data will be released and this is expected to move back to a positive figure from -0.5% up to 0.1%. The majority of investors will be waiting for the most important release – the quarterly Gross Domestic Product (GDP) figures for the Eurozone, which is forecast to tick up slightly from 0.3% to 0.4%. Any higher than the expected figure could really support the single currency, and erase some of the losses over the last couple of weeks.