It had initially been a good week for the euro until Thursday. The Greek Finance Minister had been doing his rounds of other European Finance Ministers and everything sounded positive. He then met the European Central Bank (ECB) on Wednesday and his German counterpart on Thursday who gave him a very cold shoulder. The ECB then put the boot in making it very difficult if not impossible for Greek banks to borrow. Not nice but I am not sure what else the ECB and the Germans can do given the likelihood of other southern states coming with their begging bowls if they acquiesce.
There was a boost for the Eurozone courtesy of impressive German manufacturing orders, which rose up to 4.2%, much better than the forecast of 1.5%. To round the week off, we have German industrial production data out early this morning.