The euro was weaker against the pound at the end of last week, possibly due to a series of disappointing data releases.
Preliminary GDP data showed that the Eurozone economy shrank by 12.1% in the three months to June 2020, entering a steep recession. Year-on-year, the economy shrank by a record 15.0% in the second quarter of 2020, compared to market expectations of a 14.5% fall.
Manufacturing PMI data in Germany has come in this morning, and has increased to 51 points in July from 45.20 points in June. This shows that the sector has moved into expansion territory and is growing.
On Wednesday, Services PMI for Germany and the Eurozone, as well as retail sales are due. PMI data is forecasted to improve significantly for the month of July.
