The euro has had a steady weak, especially considering the potential for large movements around yesterday’s interest rate announcement. As investors predicted, this remained on hold at 0% – as the key refinancing rate stayed at 0% and the deposit rate being left at -0.4%. Mario Draghi gave a mixed reception for the euro as the single currency moved 0.8% across the board before settling down to similar levels beforehand.
Friday sees the release of flash purchasing managers index from the Eurozone, which is expected to fall slightly from 52.8 down to 52.5. This is not a significant move but it adds fuel to the fire that the Eurozone is beginning to suffer from the shock of the UK referendum, which may well inhibit the long term prosperity of the EU.
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