The euro had a fairly quiet day on Monday, remaining flat against the US dollar and weakening slightly against sterling. The single currency got off to a good start, moving 0.8% in the morning before half of these gains were erased as the day progressed. This initial positive move was largely down to the Eurozone purchasing managers index (PMI) figures beating expectations, albeit slightly, from 51.9 to 52.0 – even though this was a 0.7 fall compared to the previous month.
With a slower week predicted amid limited Eurozone data releases, Tuesday will only see the release of the producer price index at 10 am; this is expected to fall from 0.6% to 0.4%. Across the board there has been a raft of lower than expected data in the last couple of weeks for the Eurozone which is certainly a cause of concern, but potentially only a short-term worry following the UK’s vote on their membership of the European Union.
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