Currency Note Euro

Euro continues its upward march

By Ricky Bean May 7th, 2015

Wednesday was a positive day for the euro – although it did struggle in the morning, thanks to poor European retail sales data which came out slightly worse than expected at -0.8%. The single currency’s gain against both sterling and the US dollar was generally due to weakness from the other two currencies, and saw the euro gain over 1% against both currencies as the afternoon progressed. This morning, manufacturing orders for Germany are released – and this has been forecast to improve on the previous figure of -0.9% to 1.5%. There is very little data out for the rest of the day but no doubt the UK general election will affect the euro currency market, and given the recent trend most likely in favour of the European currency.