020 7898 0500We saw a busy end to the week for the euro last week, with a basket of Eurozone and US data providing strong movement for the currency markets. After initial euro weakness caused by Eurozone growth figures showing a 0.3% drop in growth on a quarter by quarter basis to 0.3% and a 0.1% fall to 1.6% year on year, disappointing US data saw a reverse in fortunes and the euro strengthened rapidly.
The euro movement on Friday was also affected by the uncertainty around the EU bank stress tests and key speakers, such as the European Central Bank (ECB)’s Villeroy, who said that he is not worried about the stress test results and believes the French bank system is extremely strong. Friday’s evening results measured the level of stability of the financial system.
Today starts off the week with Markit Manufacturing Purchasing Managers Indices from Spain, Italy, France, Germany and Greece, which are all expected to be left unchanged. Overall, this suggests a quieter day on the euro front, but the single currency may still be reacting to Friday’s bank stress test results, as well as economic uncertainty in the UK.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
