020 7898 0500The euro strengthened across the board last week, breaking down the all-important GBP/EUR level of 1.40 thanks to positive news from the Eurozone throughout Friday. Purchasing Managers’ Index (PMI) data was released at 54.1, slightly better than the forecast figure of 53.8, while Consumer Confidence data was also an improvement of the forecast figure, hitting -6.8; a sign that the Eurozone is growing in strength.
The confirmation that a third Greek bailout had been passed by Greece’s creditors and its parliament enabled the single currency to move to a two month high against sterling, and when Greek PM Alexis Tspiras stood down late on Thursday this only served to push the euro higher.
There are important figures to be released this week, with IFO German Business Sentiment data and Gross Domestic Product (GDP) due today, and German retail sales later in the week – both of which are likely to impact the euro.
