The euro had a relatively uneventful start to the week and traded within a narrow range against major peers before more notable weakening was seen on Thursday. Thursday’s data releases displayed mixed fortunes against the backdrop of the initial meeting of the European Central Bank (ECB)’s Supervisory Board; this inaugural meeting represents an important step towards the creation of a monetary union in the Eurozone.
In terms of figures, German Consumer Price Indicator data came through slightly weaker than expected; this is likely to have been a reasonable contributor to Thursday’s euro depreciation given the ECB Governing Council’s warning that action would be taken if inflation in the eighteen-nation bloc continues to slow.
A number of data sets are due out today and are likely to determine whether the euro will slip further against its major peers or make a recovery. A Eurozone flash Consumer Price Index estimate and unemployment rate figure are due out in the morning alongside Retail Sales data from Germany and Consumer Spending data from France.
Thinking of buying or selling euro? Businesses dealing with euro currency exchanges will have a lot of watch out for, so contact your trader for the best ways to minimise your currency exchange costs.