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EUR: Euro struggles after disappointing data

The euro weakened against sterling and the dollar yesterday following poor eurozone data.

Eurozone PMI fell to 49.9 in July, indicating that the economy has contracted. Retail sales for the eurozone also fell by 1.2% in June as soaring prices and poor consumer confidence restricted consumer spending. PPI for the eurozone increased by 1.1% in June as energy prices jumped.

This morning the euro continues along the same path ahead of the BoE interest rate decision.

Later today, European Central Bank official Frank Elderson will speak. Markets will be listening for any comments surrounding the eurozone inflation and the next ECB interest rate decision.

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