This week has seen the single currency rally itself from where we began the week, ending February in a similar position to where we began – following new data as it comes out, piecing together the Eurozone’s uncertain volatility.
The early part of the week saw much of the data coming out of the Eurozone to be low-impact and underwhelming, with Spanish consumer price data and PMI data out of France, Germany and Spain not being drivers for euro strength. General sentiment for the euro’s rise has been more attributed to weakness of the pound, with the House of Lords bill ruling against the government on the free movement of EU citizens.
Nonetheless, Eurozone Consumer Price Index (CPI) data released yesterday measuring at forecasted levels was one piece of data for the Eurozone to boast about, with unemployment rates also meeting their forecasted targets. German retail sales data released today will look to boost the euro further.