Today we saw the Euro remain relatively steady against its major peers today. There was some weakness after German manufacturing Purchasing Managers’’ Index (PMI) data came out at 52.3 when it was forecasted at 52.9. However, positive PMI from France softened the blow for the Euro. The single currency fell against the US dollar on Monday as investors were predicting that the European Central Bank (ECB) will loosen its policy on Thursday. This overshadowed poor manufacturing data from the US, which in turn weakened the EUR against the dollar.
This is a very important week for the single currency as there is important data released today, the current unemployment rate for the Eurozone and an ECB meeting on Thursday, which could massively swing the currency either way depending on what the Eurozone central bank decides to do.
As you can see, it is looking to be a busy week for the euro. If you are thinking of buying or selling euros I suggest contacting your trader now for live rates, news and currency-purchasing strategies.