The euro had a mixed start to this week, erasing the losses seen last week against sterling, but weakening slightly against the US dollar. On Tuesday news came from the European commission confirming that economic growth is likely to be slower than anticipated this year, and inflation would also remain subdued. The Eurozone is now expected to expand 1.6% in 2016, in comparison to the previous figure of 1.7% stated in February. Meanwhile, the consumer price index is expect to rise 0.2% – even after the 0.5% increase seen in February. Despite this varying news, the euro strengthened against sterling – although weak data from the UK seemed to be the main driver for this.
Purchasing Managers’ Index (PMI) from the Eurozone will be released early this morning at 9am, and this is anticipated to fall slightly from February’s result from 53.1 down to 53.
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