020 7898 0500The common currency has weakened this week, much in line with the intention of the rhetoric communicated by the European Central Bank (ECB), even though it has been debated that their actions are too ‘weak’. The main development in the rhetoric came from the German Bundesbank who seem more inclined to consider Quantitative Easing (QE) than previously, a measure they have consistently criticised in the past. Quantitative Easing has a direct weakening effect on currency and the statement is likely one of the drivers for the slight euro slide noticed this week. Positive retail data out of the UK yesterday saw the euro reach a three week low against sterling.
Today holds limited data releases from the euro-zone with only French growth figures and consumer spending statistics worth of note. Both these data sets have potential to influence the direction of the euro heading into the weekend.
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