Euro has a difficult start to the week

The euro had a difficult day on Monday, moving down against the US Dollar thanks to renewed concerns over the likelihood of a Greek default pressuring the Eurozone. Athens is still trying to reach a new deal with its international lenders in time – and over the weekend, a leaked memo from the International Monetary Fund (IMF) documented that it is not possible for Greece to meet the loan repayment on the 5th June, without a deal to release fresh bailout funds.

Today could be an important day in terms of data for the euro; at 10am we have Consumer Price Index (CPI) data, which is forecast to rise slightly to 0%, after last month’s deflationary figure of -0.1%. We also have German ZEW business confidence data, forecast to fall fairly sharply to 49, from the previous figure of 53.3.