Another tough day for the euro saw it steadily and consistently weaken against the pound from the start of play. An early morning surge against the dollar was short lived, as the multinational currency settled lower than it had begun the day. This could be attributed to less than encouraging data in both the Eurozone retail sales figures and German factory orders, although we expect the good news experienced by sterling and the dollar is likely to have boosted this movement.
Today is a relatively uneventful day for data releases , barring German industrial production and trade balance data. However, Greece does have to make a repayment of €400 million plus today to the International Monetary Fund which it claims it will do. This is followed by a number of repayments over the next few weeks and no agreement has yet been reached by Greece with their lenders – the end game is fast approaching.