Yesterday head of the European Central Bank Mario Draghi spoke and his tone remained reasonably positive about the European economy and where he felt things were going in general.
He left investors and speculators still confident in the Euro as he said that growth in the area had been stronger than expected, he also felt that the labour market would continue to improve and that the relationship between growth and inflation continued to be intact.
These comments gave the Euro a slight lift but in general they were only reconfirming previous comments he had made in earlier speeches.
Tomorrow we see the release of European inflation figures and Thursday brings European manufacturing data and unemployment levels. Friday may be one to watch too, not due to European data on this occasion but due to the Prime Minister Theresa May making a speech about Brexit to the British public.
Brexit impacts the Euro as well as the Pound and a strong message or positive speech may weaken the Euro a little as this could lead to a flow of money leaving the Euro and moving into Sterling, due to confidence rising in the Pound and the British economy once again, also we must be aware that if the speech is not taken well then the Euro may gain strength for the opposite reason.
We also have German retail sales figures early on Friday morning so there will be plenty for the market to digest, with Germany being the largest Eurozone economy a positive figure can give the Euro a lift but poor figures from Germany may lead to a poor start to Friday for Euro exchange rates.
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