020 7898 0500The euro managed to fall to fresh lows against the US dollar on Wednesday, while it also struggled throughout the day against sterling. It reached the lowest point in over seven months against the US dollar as strong US data was released, which then added to expectations that the US Federal Reserve will raise interest rates in December.
UK Chancellor George Osborne also spoke positively about the UK economy in his Autumn Statement, which in turn had a negative impact on the euro in relation to the UK currency. With no data or news out of the Eurozone or its members, there was nothing to support the euro, and so it suffered.
Given the Thanksgiving bank holiday in the US today, the euro could see some improvements from yesterday. However, the main data out today is the Eurozone money supply figure, which is forecast to remain at 4.9%, in line with last month’s reading. However, Friday should be a big day for the Eurozone, as it will be a data-heavy day.
