The euro had a difficult few days last week, losing out against both sterling and the US Dollar. The single currency had initially strengthened after European Central Bank (ECB) President Mario Draghi confirmed that recent policies have encouraged the Eurozone’s economy to begin a slow but certain recovery – but it later lost its gains against the US dollar, dropping to a one month low thanks to better than expected US inflation data.
Greece’s Prime Minister Tsipras has secured approval from his Syriza party to the finalise an agreement with their lenders. Good news for the Eurozone, the euro and the world economy. Hopefully, there will be no final slip up as the saga has gone on for too long and stability is needed, not least for the Greek people.
The main data releases for the week ahead will be consumer confidence, for both Germany and France on Wednesday – along with retail sales from Germany.