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Weekly roundup: Euro slumps as Eurozone enters double-dip recession

currency-newsWeekly roundup: Euro slumps as Eurozone enters double-dip recession
The euro tumbled in the wake of the Eurozone first quarter GDP release that revealed the bloc fell into a double-dip recession following a second consecutive quarter of negative growth.
However, the single currency limited its losses at the start of this week after a sharper-than-expected month of growth in German retail sales
As sales surged 7.7% on the month, this helped to ease anxiety over the health of the Eurozone’s powerhouse economy, suggesting that consumers are shrugging off the impact of the ongoing pandemic.
Even so, if April’s set of Eurozone construction PMIs and April’s retail sales data can return to a state of positive growth, this could help to shore up EUR exchange rates.
As long as the Eurozone economy can demonstrate evidence of recovering momentum at the start of the second quarter, the prospect of a return to positive growth may lift demand for the euro.
On the other hand, with the German trade surplus forecast to narrow in March, this may put a fresh dampener on the single currency on Friday.
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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