020 7898 0500The euro struck its highest level since 2011 against the US dollar on Friday. This was down to a mixture of an increase in US non-farm job creation, as well as the European Central Bank’s (ECB’s) decision not to cut interest rates last Thursday. The latter was somewhat of a surprise as many investors expected a possible cut from the already record-low interest rate of 0.25%, and could give the single currency momentum going into this week, as the ECB obviously believe that economic situations are not as bad as some fear.
Today is thin on economic data releases from the Eurozone, but the market will await news from the Eurogroup meeting, where the main focus will be on the crisis in Ukraine.
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