020 7898 0500The euro hit a fresh high dating back to January 2015. As with the pound, the catalyst was the FOMC statement which has weakened the US dollar against a basket of currencies. The single currency did pull back from the highs as it hit a strong technical level of resistance based on the Fibonacci levels (aka the golden ratio).
Economic data on the whole was positive as Spanish unemployment fell by more than expected. The jobless rate fell to 17.2%, the lowest in more than eight years. During the week, we saw positive data that pushed the single currency higher.
The German IFO measures the business climate and hit its third record high in as many months, which beat expectations.
Looking ahead to the last trading session of the week, we have some key economic readings from the region in the form of the French and Spanish Gross Domestic Product (GDP). This will give us an early indication of how the overall region’s GDP could look.
