The euro has been unable to establish any clear direction against the pound over the past week, having declined fairly sharply the week before. So far this morning the euro has weakened against the US dollar by 0.3%, losing almost all of the gains it made yesterday.
The past couple of days we’ve had unemployment data from the eurozone, coming in overall at 6.6%, in line with expectations. In Spain there was a significant drop in unemployment claims, with 41,000 fewer unemployed, to the lowest level since the 2008/9 financial crisis.
However, other industrial data yesterday was disappointing, including manufacturing PMI in France, Italy and Germany at respectively, 49.5, 48.5 and 49.3, and across the eurozone as a whole at 49.8.
Tomorrow there will be a mass of data, covering services PMI, retail sales and the German balance of trade.
