020 7898 0500A lack of data releases from the Eurozone towards the end of last week left the euro vulnerable to influence from significant data releases elsewhere. While this resulted in a stable day against sterling, the euro dropped over a cent against the US dollar to trade at 1.1160. This was driven by encouraging Consumer Price Index (CPI) data from the US, which resulted in positive sentiment for the dollar.
Today we expect a quieter day for the euro, with no significant data releases from the Eurozone. Looking further ahead this week, all eyes will be on European Central Bank (ECB) president Mario Draghi on Thursday afternoon, who is expected to speak on the state of the European economy. Traders will be looking for any hints on potential increases to quantitative easing or an interest rate cut. Friday will also carry importance as data on manufacturing and services Purchasing Managers’ Indices (PMIs) is expected to be released from France, Germany and the Eurozone.
