The euro began this week on a disappointing note, sliding down against both sterling and the US dollar on Monday. The British and American currencies had benefited from general positive sentiment from their markets, despite continuing concerns over China and the growth of the global economy. The single currency struggled after the European Central Bank (ECB) Chief Economist Peter Prae reiterated over the weekend that the bank may well enlarge its Quantitative Easing (QE) Programme if necessary, in order to combat the upcoming risks from economic turbulence.
This afternoon Consumer Confidence data will be released, and is forecast to fall slightly from -6.8 to -6.95. This is still a poor figure for the Eurozone, but if any improvements are seen then we could see the single currency try to erase its loses from Monday.