End of a disappointing week for the euro

The euro struggled slightly across the board on Thursday, continuing its run of luck for the week against its major peers. This was a result of European Central Bank (ECB) president Mario Draghi confirming that he could not rule out further interest rate cuts to help the ECB hit their inflation target. The Bank said that it was still ready to utilise ‘all instruments available’ to ensure the inflation target is hit.

The euro has a particularly disappointing week against sterling, hitting a three week low as the fears over the UK’s European Union referendum took a slight step back and it became clear that the European economy continues to make limited progress.

Today we see the release of Flash Purchasing Managers’ Index (PMI) data from the Eurozone, and this is anticipated to fall slightly from 53.7 down to 53.2.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.