Currency Note Euro

Encouraging Monday for the euro

By Ricky Bean November 24th, 2015

The euro had a much improved day on Monday after it managed to trim some of its losses against sterling and the US dollar, bouncing back from after multi-month lows against its major trading peers. The single currency improved initially when data showing that growth in the Eurozone’s private sector picked up to the best rate since May 2011. It was also reported that the Eurozone Purchasing Managers’ Index (PMI rose to 54.4 from 53.9 in October. However, it wasn’t all good news as growth in France’s private sector fell to the lowest level in three months, with the service sector activity in particular hit by the terror attacks in Paris.

This morning we see growth figures and IFO business survey data from Germany. The former is forecast to drop slightly from 0.4% to 0.3% but the IFO data is showing forecast to tick up from 103.8 to 104. French business sentiment was also out and likely to fall due to the recent attack on its capital.