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Weekly roundup: Euro undermined by tensions with Belarus

currency-newsWeekly roundup: Euro undermined by tensions with Belarus
Trade in the euro was mixed last week, with the single currency initially facing some pressure in the wake of some dovish comments from European Central Bank (ECB) chief economist Philip Lane.

These losses were then reversed by the subsequent release of Germany’s latest ZEW survey after it reported a surprise improvement in German economic sentiment this month.

However, the euro then stumbled again in the mid-week as a jump in the US Dollar as well as the slashing of Germany’s growth forecast, took their toll on EUR exchange rates.

The single currency then closed the session on the defensive amidst rising tensions between the EU and Belarus, with the latter threatening to cut off a gas pipeline to Europe in response to the EU’s imposing of fresh sanctions on the country.

Turning to this week, the Eurozone’s latest GDP figures have confirmed growth in the bloc accelerated by 2.2% in the third quarter, which may offer some support to EUR exchange rates.

Still to come this week is the final release of the Eurozone’s inflation figures for October. These are expected to confirm a sharp rise in inflation last month, but in light of the ECB’s continued dovish bias, any upside in the currency may prove limited.
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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