The euro experienced a mixed start to the week yesterday as some generally positive data releases from the Eurozone failed to have any real impact upon the performance of the single currency. As a result, the euro strengthened slightly against a tumbling US dollar but weakened against a sterling that was buoyed by positive data coming from the UK Services sector. Eurozone data releases included Spanish unemployment figures, which showed a decrease of 100,000 in the number of unemployed people in the Southern European state, and Eurozone Retail Sales figures that showed a small increase in the total volume of monthly retail sales.
After a day dominated by retail sales and data from various service sectors, today we await monthly German Factory Orders and French Industrial Production data. However, this week’s greatest influence on the performance of the eighteen-nation currency is likely to come in the form of tomorrow’s European Central Bank (ECB) interest rate decision and subsequent press conference. While we await the ECB meeting tomorrow, overriding influences on euro rates may continue to come from events elsewhere.
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