The single currency strengthened decisively against the US and Canadian dollars yesterday while losing roughly 0.35% against sterling. Those losses have been extended this morning.
However, overall it has been a strong week for the euro, gaining over 1% against the commodity-backed and Scandinavian currencies while coming in evens on the week against USD.
This is despite much of the week’s economic data being negative. There wasn’t a great deal of data going round but there were disappointing results for construction PMI, retail sales and GDP, which flatlined across the eurozone in the last quarter of 2022.
Next week starts quietly, but there will be an interest rate decision on Thursday and eurozone inflation on Friday.
EUR/USD past year
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