The euro managed to strengthen on Tuesday despite Monday’s lacklustre performance as the single currency continued to strengthen against sterling and was also stronger against the US dollar, closing in on five-month highs on the latter. Euro strength also defied manufacturing orders from Germany for February being much worse than anticipated.
Today we have industrial production data from Germany which is expected to fall sharply from 3.3% all the way down to -1.8% which highlights, along with yesterday’s disappointing manufacturing orders, that there is very much a real slowdown in the Eurozone’s biggest economy. This should be worrying for all of us given how core Germany is to a vibrant world economy.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.