020 7898 0500The euro had a strong day against sterling and the US dollar on Friday, but this was due to weakness from the two other currencies rather than strength from the Eurozone. A quiet data day for the single currency meant it could benefit from the struggles faced by the majority of other currencies – and begin this week in a strong position.
This week, ZEW business confidence data from Germany is released on Tuesday, and is forecast to drop from August’s figure of 67.5 down to 65. Industrial production data from the Eurozone will be released on Wednesday, and this is expected to fall from 0.6% down to -0.5%. A negative figure can affect the single currency as a whole as it implies that production is shrinking – and this in turn fuels concerns about the eurozone on the whole.
