Euro Strengthened Despite Unfavourable Data
Last week traders at ForexYard and other online Forex trading sites saw the Euro flourish, climbing over 200 pips against the US dollar and by over 150 pips against the British pound. The Euro strengthened despite unfavourable data from the EU including continuing high unemployment and falls in retail sales.
Recent figures show that the European unemployment rate stayed at 10% which is a 12-year high however these figures didn’t dissuade investment in the Euro. German retail sales did nothing to assist the Euro’s rise. Germany reported an unexpected fall of 0.3% for July’s retail sales figures which is the second month in-a-row that these numbers have fallen.
A key to the Euro’s success may lie across the Atlantic. The US non-farm payrolls data was better than expected which has led many Forex traders and investors to believe that the global recession may finally be over. This is possibly why, even in the face of negative data the Euro has continued to strengthen through faith and belief that the world’s economy is on the mend not through anything that Europe has done in particular.
There are further figures expected from Europe this week including economic reports from some of the EU’s biggest economies including Germany and France. If favourable these figures could further propel the Euro so it may be worth keeping an eye on Euro currency pairs this week.
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