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Euro pulls some losses
The euro has managed to make up some of the losses it suffered against the US dollar last week.
The single currency is trading at $1.3768, up slightly on the day after the currency took a big hit at the end of last week when European Central Bank president Mario Draghi finally suggested he might tackle the eurozone’s deflationary problem. For too long the euro has been sleepwalking into higher ground against the US dollar, while the economic situation in the eurozone has been steadily deteriorating. We are not expecting any major economic announcements from the eurozone today, but the German ZEW tomorrow will tells us how high or low investment confidence is in the strongest economy in the region.
The situation in Ukraine is still bubbling away in the background, but the major focus of the week will be on eurozone flash GDP and CPI figures on Thursday. The wheels came off the euro last week and the announcements ahead of us could keep it in downwards motion towards $1.3680.