Friday was a day to forget for the Euro, which shed 0.5% on the day. Opening this morning at 1.1304, the Euro fell victim to a variety of internal and external pressures.
European PMI’s kicked things off on Friday with a batch of weaker than expected figures. In particular, the French Services and Manufacturing PMI’s dropped below 50, signalling a contraction. The result however, seems to be due to the recent Yellow Bests protests which continue to weigh heavily on business sentiment. The composite PMI for the entire Eurozone also fell, although to a healthier 51.3 reading. The result was however, still its lowest level since November 2014.
Broader factors continue to weigh on the Euro as well, with general global market anxiety continuing to undermine the Euro. Concerns over trade, Brexit and global growth continue to have a dampening effect on the Euro.
Moving into a new week, the Euro continues to keep a close eye on the headlines. CPI and Trade balance figures are also set to be released on Monday.