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Weekly roundup: Euro bolstered by ECB speculation and German coalition progress

currency-newsWeekly roundup: Euro bolstered by ECB speculation and German coalition progress
The euro jumped against the majority of its peers last week as investors interpreted the minutes from the latest European Central Bank (ECB) policy meeting as a sign the bank may tighten monetary policy in 2018.

The euro got off to a bit of a slow start last week, tumbling against the other majors as underlying political uncertainty weighed on the currency.

Not even impressive economic data was able to lift the euro as investors shrugged off upbeat German trade figures and Eurozone employment data on Tuesday.

However, the single currency finally caught a break on Thursday with the release of the minutes from the ECB’s December policy meeting.

The minutes showed that policymakers would be willing to revisit the bank’s communication stance in 2018, something which markets took as a sign that the ECB may further reduce its stimulus programme over the coming months.

The euro also received another boost on Friday following a breakthrough in German coalition talks between the Angela Merkel’s Conservative alliance and the SPD.

It’s hoped that this progress in talks will move the two sides closer to reforming the ‘grand coalition’ and end the political deadlock in the Eurozone’s largest economy.

Meanwhile, the focus for EUR investors this week will likely be on December’s final inflation readings for both German and the Eurozone as a whole, with a rise in line with the previous estimate likely to help strengthen the euro.
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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