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Weekly roundup: Euro rallies on positive growth data

currency-newsWeekly roundup: Euro rallies on positive growth data
With the rate of growth in the Eurozone coming in at 0.6% in the second quarter, twice the level of growth recorded in the UK, the euro was able to strengthen against peers like the pound.

The euro also benefited from the news that the Eurozone’s unemployment rate had fallen to an eight-year low of 9.1%.

However, common currency gains were a little limited by the fact that inflation in the Eurozone came in at 1.3% - significantly below the European Central Bank’s (ECB) target levels.

On Friday the euro weakened slightly as the US dollar romped higher in response to the release of upbeat US employment figures.

There aren’t many high-profile ecostats from the Eurozone to focus on this week.

Germany’s industrial production figure fell short on Monday, coming in at 2.4% in June rather than the 3.7% expected, but the report had little impact on the euro.

Tuesday sees the release of Germany’s trade balance figures, and Friday the publication of final inflation figures for the Eurozone’s largest economy.

With the economic calendar so bare, global economic developments and news from the UK/US may have more of an impact on euro trading.
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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