Euro lost against all of its major counterparts on the back of poor data stated that investor confidence was at all time lows within the Euro-zone. Analysts are suggesting that the euro is becoming the favourite funding currency of the carry trade, which is resulting in lots of pressure on the single currency. Despite the highs that we are seeing, it may be time for investors to start selling Euro's before it is too late.
The dollar made large gains against EUR in early trading. Touching its lowest levels since the beginning of February. But on a day that lacked much data these trading gains were corrected towards the close of US trading. However, the move signals strength for the greenback.
This morning we have Industrial production figures out from the UK, if we get above the expected .4% levels we could see the pound strengthen. From the Eurozone we have Italian GDP figures, which if they come in below expected could prompt a second red day for the Euro against all peers.
09:30 - GBP- Industrial Production for April expected to rise to 0.4%
09:30 - GBP- Manufacturing Production expected to remain flat at 0.4%
15:00 - GBP- UK GDP Estimate
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