The euro had a mixed day as investors were clearly at unease with the referendum vote having just passed, as it entered the first full week since the result. The euro initially struggled against the US dollar, as it lost 1% in the morning trade but a good portion of the losses were erased later in the day. The picture against sterling, however, is a much rosier one for the euro, with the single currency pushed to the highest point in over two years. Sterling is the only currency the euro is managing to gain ground on for the moment.
Today there is no significant data due from the Eurozone, but this does not mean that there will not be movement in the market. The main aim for politicians at this moment in time is to stabilise the markets, but this is no quick fix. Angela Merkel has said that Germany and France will ‘unite’ over the UK’s decision to leave the European Union and they have little choice as a domino effect for the weaker countries in the EU would be a disaster for the single currency.
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