Ebbing German confidence drags euro down

This week has seen the release of mixed data from the Eurozone. Monday saw the release of European Consumer Confidence, which was below expectations. Tuesday saw mixed Purchasing Managers Index (PMI) figures from Germany, France and the bloc as a whole (the equivalent figures from the beginning of the year showed strong growth – suggesting a slight slowdown in the Eurozone). Wednesday saw the key Ifo Business Climate Index in Germany miss expectations, but the German GfK Consumer Climate (which bettered expectations when released yesterday) prevented the German economy from having a wholly negative week.

Today sees a range of low-impact data releases from France, Germany, Spain, Italy, Ireland, France (their job seekers total claims, and unemployment measure, is the most important release of the day) and the Eurozone. Over the week the euro has fallen against the pound, and after a strong beginning to the week, also fell against the US dollar (USD).