Currency Note Euro

Euro continues its upward trajectory

By Ricky Bean May 5th, 2015

Last week the euro continued its extended rally against the US dollar, moving to a 10-week high as Greece managed its most significant concessions since heated negotiations began with its creditors in February. Athens leaders are still hoping to reach a new bailout deal before the €750 million payment is due to the International Monetary Fund (IMF) on 12th May. This is on top of Greece owing the IMF an additional €200 million on the 6th May.

With this working week starting on Tuesday for the UK, we missed out on a manufacturing Purchasing Manager’s Index (PMI) data from Europe on Monday, which was a forecast to come out at 51.9. Today we have PPI data for the Eurozone which is expected to be in positive territory for March. On Wednesday we have European retail sales data in the morning, forecast at -0.3% and the Purchasing Managers Index for the Services sector which is expected to show expansion again.