020 7898 0500It was a mixed day for the euro on Monday as it struggled against sterling but strengthened against the US dollar. Mario Draghi spoke and gave little indication on monetary policy, but his fellow European Central Bank (ECB) member, Nowotny, said it was too early to be discussing further interest rate cuts – which encouraged the single currency to improve against the US dollar. The weakness against sterling was due to impressive Purchasing Mangers’ Index (PMI) figures from the UK rather than any disappointing news from the eurozone.
This morning, unemployment data is released from Germany – widely expected to remain at 6.3%. More crucially, today will also see the release of unemployment date for the euro area; this is also forecast to remain at 10.5%, slightly disappointing as in recent months it has been steadily dropping for the eurozone.
