The single currency had a mixed start to the week as the more notable movements in euro rates were largely experienced as a result of events elsewhere. The euro strengthened against sterling in response to worse-than-expected Mortgage Approvals data in the UK, but weakened against the US dollar as US Durable Goods Orders rose for April. European Central Bank (ECB) President Mario Draghi’s addresses both yesterday and on Bank Holiday Monday proved to be something of a damp squib as his rhetoric remained largely unchanged ahead of the all-important ECB meeting on 5th June.
An array of moderately important data is set to be released from the eighteen-nation bloc today. A number of the figures have potential to affect euro rates throughout the day if the actual figures vary greatly from forecasts. Key data due out includes German Unemployment Change figures, French Consumer Spending data and the quarterly House Price Index from Spain.
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