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Dovish comments from multiple policymakers at the European Central Bank (ECB) capped the euro’s upside, while the currency’s negative correlation to a weaker US dollar limited its losses.
Mixed data towards the end of the week continued the sideways trajectory. Eurozone consumer confidence fell, but by less than economists had forecast. Meanwhile, the bloc’s manufacturing PMI beat expectations while the services PMI fell short.
However, these lukewarm results gave EUR enough support to gain against a stumbling pound.
So far this week, the euro has slipped. Business sentiment in Germany has slumped to a six-month low while the German government has slashed its 2021 GDP forecast from 3.5% to 2.6%, as supply constraints continue to cause headaches for the Eurozone’s largest economy.
Looking ahead, analysts expect the ECB to maintain its dovish stance in its latest policy meeting, and inflation is projected to jump from 3.4% to 3.7%. As such, we could see EUR dip further if fears of a policy misstep grow.
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)