020 7898 0500The euro erased gains against the US dollar while staying unmoved against sterling as those made on Friday morning were eradicated in the afternoon. The single currency came under broad selling pressure last week, after the European Central Bank (ECB) warned on Wednesday that the risk to its inflation has increased in recent times, and that it is prepared to expand its quantitative easing program if necessary.
This week, German retail sales data were released on the bank holiday in the UK yesterday, showing growth of 1.4%. The main release will be today’s unemployment data figures across the Eurozone; this is forecast to remain at 11.1% but if it comes out even slightly better than expected it could increase support for the single currency.
Manufacturing Purchasing Managers’ Index (PMI) data is also released for the Eurozone today, and on Thursday we will see the Non- Manufacturing PMI figures released.
