The euro had a difficult afternoon on Monday, as it lost ground against both the US dollar and sterling. It had started off Monday positively with consistent gains against the US Dollar – the best we have seen the Euro perform against the US dollar in almost a year. The gain came from better than expected German growth data and following the agreed cease-fire in Ukraine and Russia.
The market’s eye still remains fixed on Brussels for the outcome of more negotiations on the Greek bailout. Monday’s meeting seems to have started well but ended with recriminations and everyone is left wondering if the politicians will achieve some sort of agreement by the end of this week. Is this brinkmanship or foolhardiness from the politicians?
Germany’s business confidence data due to be released today is forecast at 56, hoping to improve on last month’s figure of 48.4 which will further heighten the contrast in fortunes of the northern and southern states of the Eurozone.
With constant economic developments, the euro remains vulnerable. If you are looking to buy or sell euros, we suggest contacting your trader now for the latest rates, news and to plan your currency-buying strategies.