Currency Note Euro

Euro supported by Eurozone growth data

By Ricky Bean May 15th, 2015

Yesterday the euro moved closer to four month highs against the US dollar, thanks to data showing a drop off in US jobless claims last week being overshadowed by disappointing US producer prices. Mario Draghi also spoke on Thursday afternoon but the market was largely subdued as he remained confident that the Quantitative Easing programme will be a success, and encourage inflation to the target of 2% in the long term. The euro area Gross Domestic Product rose by 0.3%, with private consumption the main driver to the recovery – but the Eurozone remains dangerously close to deflationary levels, as inflation has come out negative in all of the first months of 2015.

There are no data releases for the euro area today so, assuming there are no dramatic news on the Greek debt talks, we will have to sit tight until next week.