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Weekly roundup: Euro struggles despite upwardly revised German GDP

currency-newsWeekly roundup: Euro struggles despite upwardly revised German GDP
Although the fourth quarter German GDP saw a surprise upward revision, the euro failed to gain any major boost.
 
While the Eurozone’s powerhouse economy experienced quarterly growth of 0.3% at the end of 2020, the risk of an imminent double-dip recession for the Eurozone remained.
 
A better-than-expected French inflation rate also failed to offer much encouragement to the single currency.
 
With inflationary pressure across the currency union still proving lacklustre, and negative in both France and Spain, the odds of prolonged European Central Bank (ECB) dovishness rose.
 
However, if the latest German labour market data shows signs of improvement, this could help to shore up the euro.
 
Any evidence of increased resilience within the German economy may limit anxiety over the outlook of the wider currency union, at least for the time being.
 
On the other hand, confirmation that the Eurozone service sector remained under pressure last month could give EUR exchange rates another push lower across the board.
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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