020 7898 0500Friday was yet another good day for the euro, as it moved over 1% against sterling and also came close to the highest point against the US dollar in five months. This good start on Friday began at 9am with Purchasing Managers’ Index (PMI) data from the Eurozone coming out better than the forecast 51.2, at 51.6.
With such an excellent performance from the single currency last week, we expect to see it stay around the 15 month highs against sterling and five month highs against the US dollar if there is data to support it. Tuesday will be the first major release, with Germany manufacturing orders expected to improve from last month’s figure of -0.1% up to 0.5%. On Wednesday however, German industrial production data is forecast to fall sharply from February’s figure of 3.3% down to -1.5%.
On Thursday, the European Central Bank releases the minutes of their March meeting which will be closely scrutinized for the reasons behind the interest rate reduction and increase in their programme of quantitative easing. It will also be analysed for any insights into likely future policy.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
