The EUR spiked during Monday’s trading, providing some much needed respite for the single currency. The catalyst for this improvement could well have been the release of the latest Eurozone unemployment figures, which came in better than expected at 11.2%. There was also better than expected inflation data, which again has helped to ease pressure on the single currency, moving it away from the recent 7 year low.
With a busy week ahead anticipate additional volatility on GBP/EUR rates but I do feel the EUR will continue to find support under 1.40 and in fact if you look at the recent economic data coming from the Eurozone, there has been a marked improvement and this could well be reflected in the rates over the coming days.
Key economic data for this week includes Wednesday’s Eurozone Retail Sales figures, Thursday’s ECB interest rate decision and their subsequent statement and then Friday’s Eurozone GDP figures. All of these are considered key releases, so it essential you stay in contact with your personal currency broker this week if you have an upcoming EUR requirement, in order not to miss any market opportunities.
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