020 7898 0500The euro had a very disappointing week as it lost significant ground against sterling and the US dollar. The single currency struggled as a quiet week for data meant that it was left unsupported throughout the week. The data that was released wasn’t supportive, not least disappointing inflation data which showed that the Eurozone was heading back towards deflation. Not helpful for the euro.
The biggest movement was seen against sterling where the euro weakened 2.5%, with the EU referendum polls looking likely that the UK will remain in the EU. This was the lowest we have seen for three-and-a-half months. The losses seen against the US dollar was again down to the US Federal Reserve looking likely to raise interest rates soon, which in turn weakened the single currency.
This morning German Producer Price Index (PPI) is and it is anticipated to improve from March’s figure of 0%, up to 0.2%.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
