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Posted May 3rd, 2016 by Charles Purdy

Busy week for euro as it tries to build on last week’s momentum

The euro had an excellent end to the week and month on Friday as it strengthened against the US dollar and sterling. The data from the Eurozone on Friday though was a mixed bag as flash Consumer Price Index (CPI) data – a measure of inflation – came out slightly worse than expected at -0.2%.

Unemployment data managed to beat expectations slightly, falling down from 10.3% to 10.2%. Growth figures for the Eurozone also beat the forecasted figure, with a prediction at 0.4% but coming out at 0.6%.

This week, yesterday Purchasing Managers’ Index (PMI) manufacturing data for Spain, Italy, France, Germany and the Eurozone on the whole. Data for the Eurozone as a whole is anticipated to drop slightly from 51.6 down to 51.5. On Wednesday retail sales data is expected to also fall slightly, by 0.1%. Any real swing from the forecasted numbers could impact the single currency this week.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.

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