020 7898 0500Wednesday was a poor day across the board for the euro as it weakened against currencies like the US dollar and sterling. The euro it hit its weakest point in three weeks against the US dollar.
Data showed that the region slid back into deflation last month. Despite an uptick in energy prices there are still underlying challenges facing the European Central Bank (ECB) in its attempts to push inflation closer to the target level of just under 2%. The euro also weakened against sterling with the EU referendum polls indicating that the UK is more likely to stay with the EU, which in the long term will be beneficial for the Eurozone, but in the short term this meant sterling gained against the single currency.
As mentioned earlier in the week, there are few pieces of influential data out this week with Thursday also being no exception. Sentiment is likely to be the reason behind any large movements seen in the market.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
