Currency Note Euro

Euro has a mixed week

By Smart Currency January 3rd, 2014

The euro has a mixed week, starting off strongly on the back of positive statements made by the European Central Bank (ECB) president Draghi over the weekend. He stated that “there is no immediate need to act” regarding interest rates and also that “there are many encouraging signs” in regards to economic recovery which would not have been previously expected the year before. However by Tuesday the euro had lost a lot of strength, weakening against the majority of its trading partners around speculation that the Eurozone’s economy will fall behind that of the US, which would force the ECB to maintain its record low interest rates. All was quiet during the bank holiday mid-week, but it continued to struggle yesterday showing weakness against the US, Australian and Canadian dollar’s. Positive manufacturing PMI data out of Spain and Italy was not enough to fortify the currency against the surge in US dollar strength. We have a quiet day today on the data front for the euro, call your trader now for the latest live rates and upcoming news.