Last week saw a further drop in the price of the Euro against its major counterparties. Continuing a four-week run of decline. The biggest driver was the French election where an expected Macron triumph over Marine Le Pen triggered a turn lower in the early week. As the week continued we saw the Euro decline against the dollar for four consecutive sessions; until disappointing CPI & retail sales data from the US on Friday saw the gap close by half of the weeks drop.
The week ahead is relatively slow in terms of calendar events for the US & Eurozone. However, some analysts believe the a trend is being reinforced and based on that, there’s an expectation that there will be another attempt at the 1.10 region in the coming week.
Elsewhere there is more happening, with lots of key economic data including the employment rate and inflation figures due out of the UK. In addition to this it’s likely investors will be turning their attention to developments surrounding the upcoming General election.
Economic data is also expected from China, Australia, New Zealand, and Canada.
Portex Markets will keep you up to date with news that is important to you throughout the week.