020 7898 0500Friday was a disastrous day for the euro, as it struggled against the majority of other currencies. The single currency had found some support earlier in the week, as Eurozone ministers agreed to give Greece a €7 billion bridging loan from a European Union fund so as to keep its finances afloat until the bailout is finally approved.
This morning, the Producer Price Index from Germany is released, a slight fall is predicted. Also we have the Eurozone Current account statement figures which are expected to confirm that overall the Eurozone is on firm footing, it’s just certain southern states which are a problem. On Thursday we expect Consumer Confidence Data from Europe – and this is likely to show a good indication of the general sentiment across the Eurozone. Until the Greek deal is finalised, we expect that the focus will remain on whether the country can come to a long-term deal with its creditors, and get an agreement in place soon. On Friday we have a swathe of Flash Manufacturing Purchasing Manager Indices for July for both the Eurozone and for individual countries. Steady or slight improvements are expected/hoped for with all in positive territory.
