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Weekly roundup: Euro benefits from upbeat German data

currency-newsWeekly roundup: Euro benefits from upbeat German data
The euro has received support from upbeat German data over the last week, with a surprise widening of March’s German trade surplus helping to shore up the euro ahead of the weekend.
While forecasts had pointed towards a narrowing of the surplus it instead grew from €18.2 billion to €20.5 billion on the month, suggesting a greater degree of trade resilience.
Coupled with the relative weakness of the US dollar, this helped to push EUR exchange rates higher on Friday, even as worries over the health of the Eurozone economy linger.
At the same time, March’s factory orders and industrial production data both indicated better-than-expected growth.
As the German ZEW economic sentiment index rose to a 21-year high in May from 70.7 to 84.4, this offered additional support to the single currency.
The appeal of the euro could strengthen further on the back of a sharp rebound in Eurozone industrial production for March.
As long as the currency union demonstrates signs of resilience in the face of ongoing pandemic-based disruption, this may limit any potential EUR exchange rate downside.
However, the release of the European Central Bank’s (ECB) most recent set of meeting minutes could provoke some extra euro volatility on Friday after some of the bank’s policymakers expressed different opinions on its outlook and bond-buying programme.
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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