020 7898 0500Wednesday saw a higher level of volatility for the euro, as poor sentiment failed to recover despite some positive data releases. German retail sales data came out at 1.7%, much better than forecast, showing that retail spending had increased dramatically from the last month. Further positive sentiment came from Germany as unemployment levels reduced by 7,000. However, these were both negated by poor French consumer spending and preliminary Consumer Price Index (CPI) data, and compounded by poor CPI and core CPI data from the Eurozone, which were worse than forecast.
Today we expect the release of the manufacturing Purchasing Managers’ Index (PMI) from Spain, Italy, France and Germany. While these are unlikely to impact the market individually, the cumulative effect, if disappointing, could change euro sentiment and potentially drive some recovery against sterling.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
