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Weekly Roundup: Euro undermined by US dollar recovery

currency-newsWeekly Roundup: Euro undermined by US dollar recovery
Last week the Eurozone published some mixed economic reports, including positive retail sales figures, comparatively upbeat PMIs and disastrous growth data. 
However, after fluctuating in response to the domestic data releases, the euro came under pressure before the weekend due to its negative correlation with the US dollar.
While the US dollar spent much of July sliding, the currency staged a rebound as souring relations between the US and China drove investors back to safe-haven assets.
For EUR investors the focus at the start of this week will be on the latest ZEW economic surveys.
Another improvement in sentiment could help boost the Euro, but EUR exchange rates could dip if confidence declines as forecast.
Other data to look out for this week includes Eurozone industrial production and inflation, and Eurozone GDP for the second quarter.
Economists have forecast that the economy contracted by 12.1% in the second quarter of the year, up from a contraction of 3.6% in the first quarter.
Investors will also be focused on the number of coronavirus cases in France, with the infection rate in the country hitting unprecedented highs.
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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