020 7898 0500Sterling isn’t the only currency having a hard time against the dollar at the moment, with the euro sinking to its lowest level against the greenback for six months. The move came following growing concerns that the eurozone crisis has flared up once more, with political uncertainty occurring in Italy and Spain. This follows a run of disappointing economic data from the eurozone and, in many ways, is the last thing the continent needs right now.
The German Ifo business climate for May came in below expectations by hitting 102.2 against a forecast of 102.7. That isn’t too bad considering, but it is yet another piece of economic data that wasn’t quite as good as expected.
It’s a quiet start to the week for the eurozone, before German retail sales and the unemployment rate is release tomorrow. We will also see business and consumer confidence in the eurozone for May, and services, economic and industrial sentiment for the same month. German inflation is also released on what is an extremely busy day and it will interesting to see whether the euro can retrace any of its recent losses against the dollar.
