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Weekly roundup: EUR volatile as German economic data raises concerns

currency-newsWeekly roundup: EUR volatile as German economic data raises concerns
The euro traded in a wide range last week, initially nosediving on some lacklustre economic figures before rallying by the end of the week as a weakened US dollar relieved some of the pressure on the currency.

The euro’s first setback last week came in the form of Germany’s latest factory figures, as industrial orders were shown to have fallen sharply in March.

The release of Germany’s trade balance also did little to inspire EUR investors last week either, as an unexpected decline in imports led to further concerns over Germany’s trade dominance in the Eurozone.

Also dragging on the single currency last week was the growing political uncertainty in Italy as Italian president Sergio Mattarella, gave an ultimatum to parties that if a new government could not be formed, fresh elections would have to be held.

However, the euro began to rebound in the second half of the week as the currency proved to be the main winner from some broad-based weakness in the US dollar.

Further shoring up the euro at the end of last week was a speech by European Central Bank (ECB) president, Mario Draghi, where he called for the completion of a European banking union to help mitigate a potential downturn in the Eurozone.

Meanwhile markets are bracing for some potential weakness in the euro again this week following the release of Germany’s latest GDP figures, with growth forecast to have slowed in the first quarter.
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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