Euro recoups almost half of last week's losses

Matthew Ryan, CFA Ebury

The euro has found a foothold just below the $1.16 level, having recouped almost half of last week’s losses following Friday’s NFP report. Now that the US-EU trade deal has been struck, focus among market participants will very much turn to how the tariffs are set to impact the common bloc’s economy.

Tuesday’s PMI figures were revised modestly downwards, but this covers July and we will have to wait until 23rd August for the first activity data covering the post-trade deal period.

Retail sales figures for June will be out later this morning. Other than that, the economic calendar is rather bare this week, so expect the euro to be driven be US developments, particularly continued speculation surrounding the identity of the next FOMC chair.

Author

Matthew Ryan, CFA

Ebury

Matthew is Global Head of Market Strategy at FX specialist Ebury, where he has been part of the strategy team since 2014. He provides fundamental FX analysis for a wide range of G10 and emerging market currencies.

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