The pound enjoyed its third consecutive session of gains on Thursday, accelerating in response to an improving market mood.
Markets had expected to see another quarter of negative growth from the Eurozone’s powerhouse economy, leading to widespread relief when the gross domestic product instead clocked in at 0.1%.
Even so, this was not enough to give the single currency a significant boost against its rivals thanks to the evidence of underlying weakness in the report.
A widening of the Eurozone trade surplus also encouraged the single currency to hold onto a positive footing on Friday.
Fresh volatility is likely in store for the euro this week, though, thanks to the release of the European Central Bank’s (ECB) most recent set of meeting minutes.
Any indication that policymakers remain ready to loosen monetary policy again in the near future could see the single currency trending lower across the board.
Even so, evidence of a recovery in November’s set of Eurozone manufacturing and services PMIs may give investors fresh cause for confidence in the resilience of the currency union.
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)