The euro had a more settled day on Friday of last week as German Factory orders came out as expected and little else was released in the way of influential data from the Eurozone. Rates against sterling and the US dollar remained relatively stable following the movement that we saw on Thursday after the European Central Bank (ECB) press conference.
The early part of this week is set to be generally quiet in terms of releases from the eighteen-nation bloc. Industrial production data is due out today followed by Frances on Thursday. It is expected to show quite a contrast with Germany continuing to power ahead and Frances hardly growing. German trade balance data is due out on Wednesday and may impact upon the performance of the single currency. Trade balance data details the difference in value between imported and exported goods and services. It has an effect on the strength of the currency, because exporting goods can cause greater demand for currency to pay for those goods.
The G20 meetings start in Washington DC on Thursday, where the situation in Ukraine is likely to dominate discussion. However, a wide-range of issues is usually discussed at such meetings and there is a wide scope for comments to affect currency rates. Additionally, the ECB Bulletin will be released on Thursday, which allows traders to see the data that was analysed when making last week’s interest rate decision.
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