Market Research: EUR

Source: Dukascopy Bank SA
Euro finished last week on a weak footing, as German retail sales growth turned out to be negative. A little later demand for the currency slightly increased, but was damaged by the better-than-expected Chicago PMI. The situation improved on this week's second day. First, weakness of the Yen due to speculations regarding Japan pension fund reform helped the Euro to negate its prior losses. Then, surprisingly good U.S. Manufacturing PMI benefited not only the U.S. Dollar, but also prompted investors into buying Euro and abandoning Sterling, Aussie and Kiwi. But Wednesday already revealed that appreciation of the Euro had its limits—Euzo zone retail sales contracted more that expected.

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