The euro’s week from hell continued yesterday, as the UK continued to outshine the Eurozone in terms of data releases. Nearly all indicators of Eurozone economic health from this week fell below par – aside from the French Manufacturing Purchasers’ Managers Index. Even with the UK in negative inflation, sterling has managed to gain three cents against the euro this week.
It is becoming more and more apparent that the issue with Greece needs to be resolved as soon as possible before the euro as leaving it unresolved undermines the euro and its financial system.
This morning we will see the release of the German Info Business Climate with levels expected to be below that of last month. One can only hope that when the European Central Banks President Mario Draghi speaks later in the afternoon, we will hear some solutions to Europe’s crisis and not be left with more question.