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Weekly roundup: Euro subdued after disappointing data

currency-newsWeekly roundup: Euro subdued after disappointing data
The euro found itself facing considerable headwinds last week as the single currency was undermined by some lacklustre economic data from across the Eurozone.

While a quiet Monday saw the euro remain fairly steady, the single currency began to slip on Tuesday following a notable drop in the Eurozone’s latest retail sales figures.

Data revealed that sales growth plummeted from 0.8% to -1.1% in October, falling even further than the -0.7% decline forecast by economists. The slide in spending was mainly attributed to a sharp drop in food and drink sales.

Helping the euro to stabilise on Wednesday was some unexpected growth in German Factory Orders in October.

However any gains for the single currency were quickly offset on Thursday as German industrial production failed to rebound as predicted in October, with output contracting for a second consecutive month and failing to be picked up by the growth in orders.

This also put a damper on the last third quarter growth estimate for the Eurozone, with the bloc’s GDP figures showing a strong 0.6% growth over the summer.

Looking ahead, the euro may shoot up in the second half of the week with the publication of the Eurozone’s latest PMI estimates, with expectations that December will cap off 2017 with another strong reading for the bloc’s services and manufacturing sector.

However, any gains in the EUR exchange rate may be dented by the European Central Bank’s (ECB) latest interest rate decision, with economists forecasting that the bank will remain dovish in its monetary policy outlook.
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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