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Weekly roundup: Euro movement driven by German data

currency-newsWeekly roundup: Euro movement driven by German data
After starting last week on relatively positive footing, the euro struggled to hold on to its early gains after some mixed data from the Eurozone’s largest economy.

With little notable data on Monday, the attention of EUR investors was mainly focused on political movements in Germany, with the single currency being lifted by the news that conservative leaders had approved talks with the SPD, opening the path for Angela Merkel to form a new ‘grand coalition’.

However, the euro was undermined after Germany’s Consumer Confidence index disappointed investors by holding at 10.7 in December against expectations it would rise to 10.8.

The downturn in EUR continued with the release of Germany’s latest CPI figures, with the rise in inflation from 1.6% to 1.8% being undermined by the fact that the increase was largely driven by an uptick in volatile fuel and food prices.

Thursday morning also brought little relief for the single currency as data revealed that German retail sales contracted sharply in October.

However, the euro was able to bounce back on Thursday as Eurozone employment figures impressed, with the jobless rate falling to its lowest levels since early 2009.

Looking ahead, the euro may slip again in the first half this week’s session, with the Eurozone’s latest retail sales figures expected to mirror the fall seen in Germany on Tuesday and German factory orders expected to tumble on Wednesday.

There is one brighter looking release on the horizon however, with the Eurozone GDP reading likely to confirm the bloc’s strong economic performance in the third quarter.
Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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