EUR on back foot
At the end of last week the Euro fell to a six week low versus USD and to a two week low versus GBP. This is ahead of this week’s European Central Bank meeting (Thursday) in which the market is now speculating the members will vote for further stimulus to the 17-nation economy. This may take the form of an interest cut and/or a form of quantitative easing.
As such we could see Euro on the back foot as we lead up to Thursday when we have both the ECB and BoE meetings.
Today is very quiet on the data front but this will simply be a lull before the storm as this week brings central bank meetings from Australia, Japan, United Kingdom, and the Eurozone. In addition to this, we will see the the UK’s GDP forecast, US GDP data and finishing with the very significant US non farm payrolls on Friday.