Euro Starts Week on Soft Footing

The euro was rather soft today, falling against most other major currencies. The possible reason for the weak performance was concern about the health of the European economy.

The start of the week was light on economic data. The only report in the eurozone was the consumer confidence indicator released by the European Commission, which remained unchanged at -0.6 in July. The indicator for the whole European Union improved, rising from -0.7 to +0.6.

The rest of the week should be much more eventful. Tomorrow, Markit will release flash manufacturing and services Purchasing Managers’ Indices for Germany, France, and the whole eurozone. On Thursday, the European Central Bank will make a monetary policy decision.

EUR/USD fell from 1.1725 to 1.1699 as of 16:44 GMT today. EUR/JPY ticked down from 130.59 to 130.41, though bounced from the daily low of 129.86. EUR/GBP traded at 0.8929, near the opening level of 0.8927.

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