The euro continued its poor start to the week yesterday, losing ground against both the US dollar and sterling. The single currency saw losses of 1.50% in a single day against sterling and almost 1% losses against the US dollar, with most of this driven by shocking ZEW business confidence economic sentiment data, which was released at 6.4 – a significant fall from the expected figure of 12 and last month’s 11.2.
More sentiment data is out this morning, with German business IFO sentiment data forecast to tick up slightly from 106.6 up to 106.8. However with yesterday’s disappointing data release, if this also comes out at a damaging figure then further losses are expected for the single currency.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.