020 7898 0500The euro ended up having a mixed day on Friday by weakening slightly against sterling, but erasing its recent losses against the US dollar. Often US non-farm payrolls data will have a significant effect on the single currency but the opposite seemed to be the case on Friday as it had no effect and the euro strengthened throughout the day. Against sterling the euro pretty much stayed in the same place, with the only data release coming out as expected at 0.1%.
This morning manufacturing orders from Germany are to be released and are expected to increase slightly from -0.7 to -0.5 but still be a negative figure. The main news, however, will be on Thursday as the European Central Bank (ECB) hold their monthly meeting and the subsequent interest rate announcement, with another cut in interest rates to -0.4% expected and, possibly, an increase in their current quantitative easing program from €60 billion per month to €70 billion. Anything less, given December’s anaemic announcement after much huffing and puffing from Draghi, will be very badly received by 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.
