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Weekly roundup: Euro buoyed by USD weakness

currency-newsWeekly roundup: Euro buoyed by USD weakness
The euro initially got off to a poor start last week, with the demand for the single currency being sapped amidst a slump in economic sentiment.

EUR investors were particularly dismayed by the latest ZEW surveys from Germany, after they revealed that economic sentiment in Europe’s largest economy plummeted to a nine-month low in August.

Otherwise, movement in the euro last week was largely dictated by its strong negative correlation with the US dollar.

This resulted in the euro spiking in the middle of the week following the US inflation release, before closing the week sharply higher following a collapse in USD exchange rates on Friday.

Looking ahead, the only notable EUR data release this week is the Eurozone’s latest GDP estimate, which may provide some modest support to the euro after confirming the bloc’s economy expanded by 2% in the second quarter.

Any further movement in the euro is likely to come as a result of market sentiment, with the single currency potentially suffering if a souring market mood boosts USD demand.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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