The euro ended on a disappointing note after a poor week as it lost ground against both sterling and the US dollar. The only significant data out from the Eurozone was French consumer confidence data, which beat expectations at 98, despite being forecast at 94. With sterling and the US dollar gaining a lot of strength this week, the single currency struggled to limit its losses.
This week could be a better start for the single currency as consumer confidence is expected to improve from -9.3 up to -7. This would be a noticeable increase, which could lend support to the euro.
Thursday will be the main focus point for the week, as European Central Bank (ECB) policymakers meet for their monetary policy meeting. Interest rates are expected to remain at 0% but Draghi’s speech afterwards will be the focal point, potentially shedding light on whether any changes to current monetary policy will be happening in the near future.
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