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Euro mostly lower after ending lower last week

Euro daily update


Euro daily update

The euro is lower against all major currencies except the Australian dollar today. The common currency is the weakest against the British pound and the Japanese yen. Last week, the euro ended the week lower thanks to recent strength in the US dollar and weak German inflation figures. The recent trend of weakening growth and inflation data from the Eurozone has resulted in the euro running out of steam. This week, sentiment data and inflation figures for March will help traders understand the region's prospects in greater detail. 

Turning to news, China implemented tariffs on the US which we described in more detail in our  US dollar daily update. Given the Eurozone's significant trade surplus, the region is heavily dependent on international trade and is fairly vulnerable in a trade war scenario. Our short-term outlook on the euro is neutral, while our medium-term outlook is bullish.  

EUR/USD is down slightly and trading above 1.2310. The euro is flat against the yen, with EUR/JPY trading above 130.930. Finally, the euro is down slightly against the pound, with EUR/GBP above 0.8760.

Looking at economic data from the Eurozone, we’ll see figures relating to sentiment and inflation. On Tuesday, we’ll see German retail sales and Eurozone Markit manufacturing figures for March. On Wednesday, we’ll see the Eurozone consumer price index for March and Eurozone unemployment (February). On Thursday, we’ll see German factory orders (February) and Eurozone services and composite PMIs (March). We’ll also see Eurozone retail sales (February), the producer price index for February and the ECB’s monetary policy meeting accounts. On Friday, we’ll see German industrial production (February) and Eurozone changes in employment (Q1). Last week, German inflation missed consensus estimates.


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