A mixed start for the euro on Monday; it performed well against sterling but stayed at a similar level against the Us dollar. This was after a good week last week for the single currency against these major pairs – with a 3% appreciation and finally dropping below the 1.40 levels against sterling. The Greek crisis has come to a resolution for the time being, enabling the euro to catch up with these two major currencies thanks to interest rates and commodity movements.
There is no major data from Europe expected until later this week, so we expect a quiet few days for the euro. The first release of any note will be the Balance of Payment for the Eurozone on Wednesday, which will assess how the recently weakened euro has affected importers and exporters.