Currency Note Euro

Lots of data, will it be good news for the euro?

By Ricky Bean December 9th, 2013

The euro continued to strengthen against the majority of its major trading partners towards the end of last week as confidence in the single currency increased further. The rally came following the speech by the President of the European Central Bank (ECB) on Thursday. Mario Draghi refrained from reducing interest rates further which contributed towards the euro’s longest period of appreciation against the US dollar since June. Mario Draghi is due to deliver two more addresses this week, both of which have potential to move the euro. Mario Draghi will speak in Rome on Tuesday before discussing ECB policy further in Strasbourg on Thursday. Also on Thursday, the ECB is set to release its monthly bulletin detailing the analysis used when making last week’s interest rate decision. On the data release front, and in stark contrast to the UK, there is a whole raft of Eurozone data being released throughout the week with the key focus being industrial production and inflation data. Safe to say that we could be in for some surprises so please call your trader now to discuss managing your exposure over the coming week.