Corporate foreign exchange news
A big week for the euro
Monday, 10 August 2009 09:01:08 GMT

The sheer weight of macroeconomic data out in the next few days makes it a big week for the euro, the Street claims.In its forward-looking analysis, the group announced that forex traders will today (August 10th) react to the latest non-farm payroll and employment data from the US, while key trading data on the dollar and the euro will also emerge tomorrow."Our analysis reveals that this week will be a massive swing point, a situation that repeats every six to eight weeks," the journal continued.Last week, the European Central Bank (ECB) voted to maintain interest rates at one per cent, with analysts predicting scrutinising the announcement for signs that the Bank may be growing more optimistic about the prospects for recovery.The Financial Times has commented that the emergency actions taken by the in the wake of the collapse of Lehman Brothers - taking interest rates to record lows and injecting hundreds of billions of pounds into the banking system - has served to push interbank borrowing rates below its own headline rate.

