The single currency continued to strengthen against the dollar yesterday, but the improvements amount only to around 1% over the course of the week, muted by doubts over the EU’s fund to help countries worst affected by the pandemic. The ‘Frugal Four’ (Austria, the Netherlands, Sweden and Denmark) prefer loans, rather than the £500bn of grants proposed by France and Germany.
German balance of trade figures released earlier today showed German trade recovering (despite a 50% fall in exports to the UK year on year to May).
The rest of the week is quiet for data in Europe, apart from a report from the Eurogroup meeting.
