020 7898 0500After what has been a poor week so far on the whole for the euro, European Central Bank (ECB) President Mario Draghi continued to add insult to injury yesterday, as he dropped yet more hints that the ECB is preparing to expand its quantitative easing programme in December.
Earlier this week problems arose in Portugal after its Government collapsed after two weeks in power. The opposing left-wing party rejected its proposals in parliament as there was uproar over the proposed austerity measures. This, coupled with the potential interest rate rise in the US, may drive the euro to further struggle in the long-term.
The Eurozone economy is set for another busy morning today, with a raft of data releases due. The focus will be on preliminary growth data released from Germany. Being the largest economy in the Eurozone, a strong result may add some buoyancy to the current Eurozone downturn, particularly after recent discouraging data from Germany.
