After a busy week, Friday was a relatively quiet day for the euro on Friday with no significant data releases bar a couple of monthly figures out of France, which came mainly in line with forecast. Despite this, we saw the single currency log understated gains throughout the day against sterling and the US dollar, suggesting it had been oversold on Thursday following comments by the President of the European Central Bank (ECB), Mario Draghi.
The week ahead looks to be a quieter one than last, with few releases particularly over the next couple of days. On Wednesday we have industrial production data for the Eurozone, and on Friday we have a raft of growth figures from the member states. Expect Friday’s figures to hold the most sway but expectations are set very low as everyone knows the state of the Eurozone economy is dire.