020 7898 0500The euro had a great start to the day gaining ground against the US dollar and sterling. However gains against the US dollar were reversed in the afternoon. The strength began when better-than-expected Purchasing Managers’ Index (PMI) data from Germany was released early in the morning, reported at 51.1. Also released was unemployment data coming out at 11.2%, lower than a forecasted 11.4%. The single currency still remains under pressure as investors turned their attention to the European Central Bank (ECB) meeting this Thursday, when the central bank is likely to announce further details on its quantitative easing program, which began in February.
A quiet day is forecast for today, with no data releases of note. This will mean that euro performance may yet again rely on events in other economies, like the US and UK.
