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Posted by nelson on August 08, 2017

The euro has had a good week, but this is largely as a result of holding its ground in contrast to weak performances from sterling and the dollar but there was also positive news from the Eurozone. Monday's €Z data showed unemployment falling to 9.1% and inflation steady at 1.3%.

Sterling was weakened by the announcement from the Monetary Policy Committee towards the end of the week that interest rates will not be raised and news of rising inflation and a sluggish economy. In contrast, €Z GDP expanded by 0.6% in the second quarter, double the growth shown in the UK.

The dollar also struggled to hold its ground against the euro despite showing similar levels of GDP growth and hit its lowest level in two and a half years. This may be due in part to the ongoing uncertainty around the Trump presidency and the empanelling of a second grand jury as part of the Russia investigation. However, the numbers also supported the euro. Despite disappointing manufacturing PMIs which showed a decline on the previous month everywhere but Greece, unchanged at 50.5, the numbers were higher than the US equivalent.

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