The euro is in a weak position against the pound and the dollar today. German Industrial Production data has been released this morning, down 1.5% in June compared to May. This figure is worse than the forecasted 0.6% drop, and could mean a dovish stance from the European Central Bank.
The euro fell against the dollar yesterday as German construction activity slumped for the first time in 9 months. It came in at 49.5 for July, in comparison to a reading of 50 in June. German factory orders came in at a better-than-expected 2.5% for June. However, this failed to boost the single currency, as the German Economy Ministry said that the sector has not reached a turning point.
