The euro has started the week in a weaker position against the dollar as hints of tapering have supported the greenback.
A series of data was released for Europe on Friday, including retail sales for the Eurozone, which showed a 3.1% drop in May month-on-month. France reported the largest monthly decline due to the government imposing new lockdown measures. However, year-on-year, sales jumped by 24%.
It’s a busy week for data this week also, with GDP and economic sentiment figures due for both Germany and the Eurozone.
The European Central Bank will also hold its latest monetary policy meeting this week. The markets will be listening out for any changes to the current monetary policy.
