No major data was released from the Eurozone on Friday although the euro did enjoy some appreciation during the afternoon as a result of trading activity. There is potential for volatility from the start of this week, in a week with lots of Eurozone data releases, as German Business Climate data is set to be released this morning. Results have been showing increasing optimism for the past three months and the trend is expected to continue today. Any stark deviations in results from expectations will likely cause movements in the euro.
Data releases are more limited mid-week. However, the more important Eurozone Flash inflation figures for February are due out on Thursday and may inspire sharper movements in the euro as the European Central Bank is focused on avoiding deflation at all costs and there is a worry, if these figures show a further fall in inflation, that the ECB will reduce interest rates next week. This would undermine the euro.
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