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Weekly Roundup: Euro wavers amid mixed data

currency-newsWeekly Roundup: Euro wavers amid mixed data
The euro wobbled last Monday amid some mixed eurozone data. German retail sales unexpectedly slumped, while the euro area manufacturing PMI confirmed a contraction in factory activity. However, the bloc’s unemployment rate held at a record low.

Concerns about the growing gas crisis in Europe weighed on the single currency throughout the week, dragging it lower on Tuesday.

More mixed data followed. While the eurozone’s final services PMI was revised higher, another surprise fall in retail sales pressured EUR.

The euro then rallied in the second half of the week. EUR seems to have enjoyed some cross-driven strength from the sell-off in GBP/EUR. Additionally, the European Central Bank’s (ECB) economic bulletin was far cheerier than the BoE’s outlook.

The single currency held these gains on Friday, despite its negative correlation to a soaring US dollar, thanks to strong German industrial production data.

Looking ahead to the coming week, EUR exchange rates could be mostly driven by any new developments in the European gas crisis, as Eurozone data is in short supply.

US dollar movement could also impact the euro, with the latest American inflation rate reading on Wednesday potentially causing some big shifts in USD.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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