020 7898 0500It has been a very quiet week for the euro as the only major piece of news from the Eurozone came in the form of growth figures yesterday morning, which came out slightly lower than previously. However, it was at the level that had been forecast, so it had no impact on euro markets.
The euro was in almost in the exact position against sterling as when the week began on Monday. It did see some strength, however, against the US dollar as it continued to improve its position in the wake of last Thursday’s rally after the latest round of easing announced by the European Central Bank fell short of market expectations. We saw a little bit of market movement on Wednesday with ECB Governing Council member Ewald Nowotny speaking – he mentioned that the market expectations for additional stimulus measures had been too high and that investors should have paid more attention to economic fundamentals.
Today finalised Consumer Price Index (CPI) figures for Germany are being released early in the morning. These were forecast to improve but only slightly, from 0% up to 0.1%. Other than this, we can look forward to a more exciting week on Monday.
