Currency Note Euro

Euro steadily strengthens

By Smart Currency October 23rd, 2013

Another promising day for the euro yesterday saw it reach new a new 2013 high against the US dollar following poor labour data in the US. The single currency also made small gains against sterling as it continues to gain momentum. Aside from mildly better than expected Producer Price Index data from Germany, there has been little hard data underpinning euro performance this week, yet it has continued to strengthen against major peers as investor confidence slowly returns to the Eurozone. Belgian Business Climate data is released today, but is only likely to have a small effect on the day’s proceedings, however, French and German manufacturing and services data sets that are set to be released tomorrow are likely to drive movement as they provide a key benchmark as to whether renewed Eurozone confidence is justified. Call in now to discuss how long the seventeen-nation currency can continue to appreciate.