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Posted May 26th, 2015 by Charles Purdy

Euro continues to weaken

The euro had a difficult few days last week, losing out against both sterling and the US Dollar. The single currency had initially strengthened after European Central Bank (ECB) President Mario Draghi confirmed that recent policies have encouraged the Eurozone’s economy to begin a slow but certain recovery – but it later lost its gains against the US dollar, dropping to a one month low thanks to better than expected US inflation data.

Greece’s Prime Minister Tsipras has secured approval from his Syriza party to the finalise an agreement with their lenders. Good news for the Eurozone, the euro and the world economy.…

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Posted May 26th, 2015 by Charles Purdy

Euro continues to weaken

The euro’s week from hell continued yesterday, as the UK continued to outshine the Eurozone in terms of data releases. Nearly all indicators of Eurozone economic health from this week fell below par – aside from the French Manufacturing Purchasers’ Managers Index.…

Posted May 26th, 2015 by Charles Purdy

Euro weakens despite a lack of data

Wednesday was another torrid day for the euro, as it continued to fall against both its major currency pairs. With very little data released from the Eurozone itself, we can only assume the continued euro weakness was a consequence of the heightened emphasis on the Eurozone’s Quantitative Easing (QE) program and the on-going Greece debt talks.…

Posted May 26th, 2015 by Charles Purdy

ECB puts the euro under pressure

Yesterday was a day to forget for the euro, as it lost ground against both the dollar and sterling. With the European Central Bank confirming their programme of quantitative easing until September 2016, the value of the euro dropped sharply at 8am.…

Posted May 23rd, 2015 by Charles Purdy

Euro has a difficult start to the week

The euro had a difficult day on Monday, moving down against the US Dollar thanks to renewed concerns over the likelihood of a Greek default pressuring the Eurozone. Athens is still trying to reach a new deal with its international lenders in time – and over the weekend, a leaked memo from the International Monetary Fund (IMF) documented that it is not possible for Greece to meet the loan repayment on the 5th June, without a deal to release fresh bailout funds.

Today could be an important day in terms of data for the euro; at 10am we have Consumer Price Index (CPI) data, which is forecast to rise slightly to 0%, after last month’s deflationary figure of -0.1%.

Posted May 23rd, 2015 by Charles Purdy

Euro has (another) good week

It was a welcome break last week for the euro but strength against its major peers came from weakness elsewhere. It made overall gains against the US dollar after data showed that US consumer sentiment had moved down to the lowest level since November 2014, adding to concerns over the strength of the US economic recovery.

However, the spotlight remained on Greece as the country rushed to meet the deadline for its €750 million repayment to the International Monetary Fund (IMF) – by drawing upon its emergency IMF fund. Despite this reprieve, the question remains as to how matters will unfold for the beleaguered nation.

Posted May 19th, 2015 by Charles Purdy

Euro supported by Eurozone growth data

Yesterday the euro moved closer to four month highs against the US dollar, thanks to data showing a drop off in US jobless claims last week being overshadowed by disappointing US producer prices. Mario Draghi also spoke on Thursday afternoon but the market was largely subdued as he remained confident that the Quantitative Easing programme will be a success, and encourage inflation to the target of 2% in the long term. The euro area Gross Domestic Product rose by 0.3%, with private consumption the main driver to the recovery – but the Eurozone remains dangerously close to deflationary levels, as inflation has come out negative in all of the first months of 2015.…

Posted May 15th, 2015 by Charles Purdy

Euro enters May on the up

Thursday was another excellent day for the euro, as it just about managed to reach the highest point in nine weeks against the US dollar. This was thanks to inflation data for the euro area moving higher for the first time in four months, potentially showing signs that the recovery in the region is showing small improvements in momentum. The Consumer Price Index figures for April was 0%, as expected, and an improvement from the negative 0.1% reading in March.

Further good news released on Thursday were unemployment figures, which fell by 36,000 in March to 18.105 million – although the unemployment rate itself remained unchanged at 11.3%.

Posted May 15th, 2015 by Charles Purdy

Euro continues its upward trajectory

Last week the euro continued its extended rally against the US dollar, moving to a 10-week high as Greece managed its most significant concessions since heated negotiations began with its creditors in February. Athens leaders are still hoping to reach a new bailout deal before the €750 million payment is due to the International Monetary Fund (IMF) on 12th May. This is on top of Greece owing the IMF an additional €200 million on the 6th May.

With this working week starting on Tuesday for the UK, we missed out on a manufacturing Purchasing Manager’s Index (PMI) data from Europe on Monday, which was a forecast to come out at 51.9.

Posted May 15th, 2015 by Charles Purdy

Euro steady

On Tuesday the euro benefitted from the European Commission increasing its growth forecast for the Eurozone this year; its quarterly forecasts now expect the European economy to grow to 1.5% in 2015, compared to the February prediction of 1.3%. The European Commission also revised its forecast for inflation this year to 0.1%, compared to the previously forecast -0.1%.

Despite this positive news, the single currency remains under pressure following reports that the International Monetary Fund (IMF) has begun to force the Eurozone to cut Greece’s debt burden.

Today we have the Composite and Services Purchasing Managers’ Index figures for the Eurozone.

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