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Posted October 25th, 2013 by Charles Purdy

Euro has a good week

The euro put on a dominant display this week, making substantial gains against sterling and the US dollar. The euro – US dollar rate reached new highs for 2013 as we saw it rise above 1.38. Much of this strength can be attributed to the poor labour data emanating from the USA released on Tuesday, whilst the seventeen-nation currency also strengthened consistently against sterling throughout the week. Aside from mildly better than expected Producer Price Index data from Germany, there has been little hard data underpinning euro performance this week, yet it has continued to strengthen against major peers as investor confidence returns to the Eurozone. Manufacturing data from the Eurozone’s two largest economy was, if anything, slightly worse than expected with contraction seen in the French sector and minimal growth in the German, however the euro’s performance was not notably affected. Today the most important data release for the euro will be the German Business Climate data coming out this morning. The euro’s rise has been heavily influenced by events elsewhere as opposed to positive figures so we will have to wait and see if today’s figures provoke a change. Call your trader now to see whether the euro’s rise will continue.

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Posted October 15th, 2013 by Charles Purdy

Euro steady as we await news from the US

In what was a very quiet day in terms of market data across all currency’s due to public holidays with more attention than usual being paid to European Industrial Production figures. The month on month figure was posted at 1% which compared favourably to last months revised figure of -1%. This morning we have the German ZEW survey, this is a survey from German Business on how they feel about the current economic climate. A figure above 50 is considered good but today’s number is expected just fall short at around 49.6. The euro has not been seeing much of the headlines in recent weeks due to the issues in the US.

Posted August 16th, 2013 by Charles Purdy

Eurozone data better but not great

It has been a mixed week for the euro as it performed moderately against the US dollar, trading within a narrow range, yet reached six-week lows against a resurgent sterling. This mediocre performance came despite some more encouraging data coming out of the Eurozone. GDP data revealed growth of 0.3%, which was very marginally higher than what was expected after six consecutive quarters of contraction. However, although this is certainly a step in the right direction the road to normality will be long and hard. Similarly, whilst German Economic Sentiment data was better than expected earlier in the week, it too failed to give the seventeen nation currency much of a boost. Recovery in the Eurozone has been slower and less convincing than in the US and more recently the UK. Whilst recent German data has been markedly improved and French data has been more upbeat, the rest of the Eurozone has given little cause for optimism. This morning sees the release of current account data – detailing the difference in value between imports and exports – and inflation figures which both have the potential to cause some volatility, however euro appreciation is likely to be relatively limited as long as most of southern Europe remains mired in recession and unemployment rates remain at record highs. Call your trader now to see if more consistent data can boost euro performance.

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