Currency Note Euro

Euro hurt by Greek debt uncertainty

By Ricky Bean June 12th, 2015

Over the course of the week the euro has been steady against sterling and has gained ground against the US dollar but it has been a week very much of two halves.

Yesterday the euro weakened against the US dollar and sterling after US retail sales data came in slightly better than forecast. It was also weakened by the deadlock that seems to have been reached in Greece’s debt negotiations as the International Monetary Fund withdrew its negotiating team. This is in complete contrast to the start of the week where the messages, especially form Greece, were a lot more positive. Hence the week of two halves.

Today we have industrial production figures from the Eurozone, forecast to improve on last month’s figure from -0.3% to 0.3%. Other than that we have the Wholesale Price Index from German which likely to have a smaller impact on the markets as well as inflation data from Spain. Plus the on-going updates on Greece’s stalled negotiations.