Friday was an interesting day for the euro, due to some very positive data out of the US. US retail sales data led the way at 0.6%, from an expected 0.1% and industrial production data also rose by 0.6%, more than the 0.2% predicted. This positive US data saw the euro top out at 1.1148 against the US dollar before falling to 1.1060 at the close of play.
Conversely, the euro strengthened against sterling, with the UK currency giving back much of the previous day’s gains following the UK’s interest rate decision, falling below 1.20 again.
It seems that much of the focus has moved from being purely Brexit-based, and now some fundamental data is starting to override referendum views in the marketplace. This week sees the release of some important economic sentiment data on Tuesday, the European Central Bank (ECB) interest and deposit rate decisions on Thursday, and the Purchasing Mangers’ Index (PMI) release on Friday.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.