Eurozone data could add further pressure to the euro

The euro had a mixed end to last week, continuing to lose ground to a strong US dollar, whilst recovering a little against sterling. However, despite the marginal strength seen on Friday against sterling, the euro remains under a lot of pressure following the European Central Bank (ECB) rate cut on Thursday. In terms of data, French Industrial Production figures came out much worse than expected, showing contraction rather than growth. Looking ahead to this week, Thursday’s economic releases are likely to have the most impact on the euros rates, with preliminary GDP figures scheduled to be released from a number of European states ahead of the estimates for Eurozone as a whole. Later in the day traders will be paying close attention to views expressed in both the ECB monthly bulletin and Eurogroup meetings. Other key releases include industrial production data from the Eurozone, set to be released on Wednesday and inflation data due out on Friday. Call your trader now to discuss how to manage your exposure in the week ahead.