Currency Note Euro

Euro less “ugly” than sterling for the time being

By Ricky Bean September 8th, 2014

Scottish Independence has turned the euro, in the eyes of the market, into the less ugly one of the two ugly sisters. Not a mean feat given that European Central Bank (ECB) President Mario Draghi has signalled for a minimum of 700 billion euros of aid for the stalling Eurozone economy, whilst promising to ‘significantly steer’ the ECB’s balance sheet nearer to levels in early 2012, to 2.7 trillion of euros, compared to the 2 trillion currently. On Friday the key data release was revised growth figures, which were in line with expectations and thus having little impact on the currency.

Looking ahead, there is a quiet week in terms of data releases for the euro, meaning that any significant movements will be due to news from elsewhere in the world.