020 7898 0500It was a positive week in general for the euro as it made gains against sterling and the US dollar as a third and longer-term deal for Greece appeared to have been completed. Precise details on the bailout have not been confirmed but it was announced on Wednesday that a deal for an additional €86 billion euros had been confirmed. Given the looking deadline of 20th August for repaying the European Central Bank (ECB) over €3 billion this was much needed for the Eurozone, and should strengthen the currency in the long term.
There is plenty of data due today from the Eurozone. Very early this morning we had initial estimate growth figures from France and Germany, as well as non-farm payrolls data from France. At 10am we expect to see key data in the form of a Eurozone Consumer Price Index (a measure of inflation) and Gross Domestic Product (a measure of growth). Growth is forecast to remain at 0.4% whilst inflation is likely to fall from 0% into a negative -0.6%. Any surprises could cause fluctuations in euro markets.
