The euro had a fairly calm week with the majority of impetus coming on Friday. There was positive data from the Purchasing Managers Index (PMI) from France, which came in at 48.6 compared to the previous figure of 47.9. Collective Eurozone data for Composite, Services and Manufacturing came in with mixed figures; Composite strengthened by 0.1 to 52.9 and Services by 0.3 to 52.7. Manufacturing, however, lost 0.7 and fell to 51.9. This largely positive data, coupled with poor results from the UK, led to gains for the euro against sterling first thing Friday.
Today there is little impetus for the markets on the data front, aside from the release of Business Sentiment Index data from Germany. This is expected to be much worse than the previous figure, settling at 100.8 down from 103.1. Perhaps this will be more evidence that the EU is feeling the shock from the Referendum.
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