Currency Note Euro

Euro struggles against sterling but holds steady against the dollar

By Ricky Bean October 8th, 2013

The single currency started the week in a relatively quiet fashion as little in the way of influential data was released and markets appeared to draw a breath after an eventful previous week. The euro hovered just below 1.36 against the US dollar and saw some depreciation against sterling throughout the day. The first of two addresses this week from ECB president Mario Draghi is set to take place on Wednesday evening and has the potential to cause volatility in the wake of the euro strength that was seen following Draghi’s most recent statement. Early this morning we had German Trade Balance data – detailing the difference in value between imports and exports – which surpassed market estimates but had little bearing on the euro’s performance. Later on this morning German factory orders are set to be released  and the Eurozone’s largest economy and may affect euro performance. Call your trader now to keep pace with the seventeen-nation currency.