EUR weekly update

For the second week the euro was on average flat against the other dozen most actively-traded currencies. It was unchanged against the US and Canadian dollars, the Japanese yen and the British pound. The ranges were moderate too: a cent and a half each in the case of sterling and the Greenback.

Inflation was the most noticeable feature of the €Z ecostats. In Spain it slowed from 2.6% to 2.0%, in Germany from 2.0% to 1.4% and in pan-Euroland from 1.9% to 1.4%. Numbers like that, and the direction in which they are moving, would make it hard for the European Central Bank to tighten monetary policy at the coming week’s meeting, even if it were minded to. Sterling had a wobble when one opinion poll predicted a hung parliament following the general election. It recovered when investors came to the conclusion that it was an outlier and that a Conservative majority was still likely.

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