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Posted September 2nd, 2013 by Charles Purdy

The ECB meeting and PMI data to create volatility for the euro

Friday was a mixed day for the euro as it saw some volatility as a result of a host of moderately influential data. German retail sales data was perhaps the most notable outlier of the day, revealing contraction in the sector as opposed to the moderate growth that was expected. The single currency lost some ground against then US dollar during the afternoon and early gains against sterling were wiped out. After a big week for German data, we will see more varied data being released this week. Spanish and Italian manufacturing data is released on Monday, which whilst each is not as influential as the German counterpart, could have an effect on euro performance ahead of the all-important ECB rate statement and following press conference on Thursday. The Governor of the Bank of England’s discussion of interest rates caused considerable market movement last week and the ECB press conference has the potential to have a similar effect on the euro. Expectations are for the rate to remain at an all-time low of 0.5%, but traders will be looking to pick up on any hints as to when we might see the rate increase. Call in now to see how the seventeen-nation currency reacts to a week of more dynamic data.

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