It was a choppy week for euro last week, beginning in a position of strength against the pound but ending weaker as the ECB’s economic bulletin warned of slow recovery for the eurozone economy. This morning, however, the euro is stronger against sterling.
Business and consumer confidence in the Eurozone are due to come in firmly in the negative this morning.
European services data dropped to a record low last week, too, adding to pressure on the single currency. While it had previously been up against the pound over worries that the UK was not taking serious enough measures, this has been alleviated by tougher restrictions coming into force.
This week we will see a number of inflation data releases, unemployment figures for Germany and manufacturing figures for the major European economies. Coronavirus figures continue to grow in France and Spain, although there is some hope that Italy will continue to show a drop in deaths throughout this week.
