The Euro has so far failed to regain lost ground after the dovish tones of last week’s report released from ECB President Mario Draghi, causing the currency to weaken against its rivals.
We saw a mixed set of data released on Monday, where the French Purchasing Managers Index (PMI) was marginally worse than expected, at 50.6, compared to market projection of 50.7. However, German PMI figures released came out better than expected, at 52.1, compared to the market projection of 51.6; and European PMI figures released at 52.3, compared to the market projection of 52.0.
With little data due to be released throughout the day, we still wait with anticipation to hear European Central Bank (ECB) President Mario Draghi speak; and the non-policy monetary ECB’s meeting following on Wednesday may inspire further movement for the euro.
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