It was a quiet day in the markets yesterday in terms of data for the Eurozone. With only the current account figures out Monday morning we saw a slight dip with a figure that was lower than expected; however, this still showed a healthy balance sheet for the Eurozone economy.
With the euro still trying to recover from losses suffered at the hands of the Swiss National Bank (SNB) last week, we saw a gradual recovery on Monday as investors started to invest back into the single currency. However, with the currency still trading at highs not seen since 2008, we could find this euro strength short-lived with news of their asset purchasing programme and Greek elections being the driving factor for euro weakness leading up to the end of the month.
Senior figures within the Eurozone spoke on Monday to try and drive some strength for the euro. French President Francois Hollande spoke briefly regarding the European Central Bank’s (ECB) quantitative easing (QE) programme, advising that the ECB is to decide this week on QE to help with the Eurozone economy as well as the recent slide in oil prices and value of the Euro. With German Chancellor Angela Merkel reiterating her goal to keep Greece in the Eurozone, which has been compounded by recent polls for the Greek election, which have has shown the Opposition Euro-sceptic party having a narrow lead.