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Weekly Roundup: Underwhelming Eurozone PMIs weigh on euro demand

currency-newsWeekly Roundup: Underwhelming Eurozone PMIs weigh on euro demand
The latest signs of slowdown in the Eurozone economy limited the appeal of the euro ahead of the weekend even as a number of countries moved towards easing their lockdown conditions.

While France, Germany, Italy and Spain all began to lift some of the restrictions imposed in the face of the Covid-19 crisis this only offered limited support to the single currency.

As April’s set to Eurozone manufacturing and services PMIs disappointed the odds of a deeper impending recession put pressure on EUR exchange rates.

A deepening state of consumer pessimism on display in the German GfK consumer confidence index also put a dampener on the euro.

If the latest Eurozone business confidence index shows a similar deterioration on the month this could add to the weakness of the single currency.

Unless markets see reason to bet that the currency union could regain its lost economic momentum sooner rather than later support for the euro could prove limited.

The release of the flash first quarter Eurozone gross domestic product report may drive the euro sharply lower across the board on Thursday, with forecasts pointing towards a dramatic decline.
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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