The euro continued to weaken against the pound on Friday but strengthened against the dollar. This morning the single currency is slightly stronger against the pound but has weakened against the dollar.
PMI data for the eurozone revealed that the eurozone is teetering on the edge of recession after its composite index – which combines both manufacturing PMI and services PMI – fell from 52.0 in June to 49.4 in July. A reading below 50 indicates that the economy has contracted.
Today, German Ifo business climate figures will be released. Later this week, we will see consumer confidence figures for Germany, France and the eurozone, economic sentiment figures for the eurozone, inflation figures for Germany and GDP figures for the eurozone.
