020 7898 0500The euro re-approached its recent seven-month lows against the US dollar on Friday, as expectations for a December rate hike for the US comes into real focus. In terms of data it was a better day for the single currency as German consumer confidence data came out slightly better at 9.3, beating the forecast of 9.2. Consumer confidence for the Eurozone was much stronger than expected, coming out at -5.9, which was a vast improvement from the estimated figure of -7.7.
Monday could be a positive start for the euro as retails growth sales data is expected to increase from 0% up to 0.5%. Employment figures from the euro are out on Tuesday but they are expected to remain at 10.8% – any deviation from this could affect the single currency going into a big month.
The main event for the week, however, is the European Central Bank (ECB) press conference on Thursday. We expect clarification from ECB President Mario Draghi on changes to their monetary policy (following his hints in recent weeks) which could spell movement for the euro.
