Euro takes a Dive

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The common currency has finally weakened against its major counterparts, weighed down by recent comments from the ECB and the Bundesbank Presidents that indicated the use of further monetary policy measures, including negative deposit rates in the near term, to support the region’s economy. Additionally, fears of deflation setting into the region has added to the central bank’s apprehensions. Against this backdrop, Euro investors will keep a close eye on the German inflation report which is expected to show a further dip in the nation’s consumer prices and might trigger talks of negative deposit rates in the currency bloc. The German GfK consumer confidence report, which came in line with market forecasts, did little to lift investors’ sentiment towards the common currency yesterday.

The pound has particularly rallied against the euro, buoyed by unexpectedly high retail sales figures this morning. This is a welcome relief to those waiting to purchase the single currency. Now is a great time to move.

The euro has also continued to weaken against the US Dollar in today’s trading session amid rising geopolitical tensions in Ukraine, after the US warned of additional sanctions against Russia. With little of note on the domestic macro front today, crucial US economic releases will drive trading sentiment in the Euro-US Dollar pair.

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