The main data out from the Eurozone this week was on Wednesday, with positive flash purchasing managers’ index figures coming out at a higher level of growth than expected. The single currency gained ground against sterling throughout the majority of Wednesday but stayed steady against the US dollar by the end of the day; the positive data was largely driven by Germany. Late on Thursday afternoon, European Central Bank (ECB) President Mario Draghi said that the ECB could potentially start broad-based asset purchases if inflation does not improve – if this occurs, it would be one of the more extreme policies the ECB has ever implemented. Also on Thursday we had business confidence data out of Germany which was higher than expected. Limited Eurozone data today so markets will have a chance to mull over Draghi’s comments and what this means for the euro.
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