moneycorp Euro currency update
Europe in August is never a hive of activity. The restaurants are closed for lunch and the movers and shakers are either on the beach or in the mountains. That was very much the flavour of the last week and the euro would probably have gone nowhere had it not been for the goings-on elsewhere. Apart from slightly softer investor confidence in pan-Euroland the only data were from Germany and they failed to impress: industrial production fell in June while both imports and exports were lower on the month.
The euro lost a cent to the US dollar, primarily because of two strong ecostats from the States: Nonfarm payrolls increased by more than expected and job vacancies beat forecast. Sterling lost a third of a euro cent because investors preferred the sanctuary of the euro when the unpredictable leaders of North Korea and the United States traded threats of nuclear war with one another.
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