The euro surged to its highest level in over two years against the dollar this week and is still strong this morning. Vaccine hopes, promise of monetary stimulus and political certainty following Biden’s election are keeping the dollar weak and the euro strong.
Next week, the European Central Bank are expended to extend their quantitative easing programme, which could cause the euro to strengthen further.
Unemployment data was released for the Eurozone yesterday, which showed that the unemployment rate edged down to 8.4% in October, from 8.5% in the previous month and moving further away from an over two-year high of 8.7% hit back in July.
Today, PMI data for Germany and the Eurozone will be released, which should serve as a good indication of how these economies performed in November.
