Market Snapshot – Euro Recovers to End the Week

Stock Markets Steady

The stock markets and the currency markets have been pretty much steady during the day today as there were not many fundamental drivers in the markets. The European stock markets were marked by consolidation with a bullish tendency and this is set to continue in the short term. Looking at the calendar, we are in the last day of the month and hence the lack of news and economic events is quite justifiable. Also, we have month end flows happening in the markets and they do not have any specific direction as they are driven by banks and payments. This is the reason why we are having consolidation in the markets today as we wind down for the weekend and look ahead to a volatile week.

Euro Ends the Week on Stronger Note

The euro has been having a choppy week where the first half of the week was dominated by the weakness in the euro and the rebound of the dollar but the second half saw the euro making a comeback. The dollar bulls could not make the rebound in the early half of the week to stick and this has led to weakening in the dollar in the latter half which has in turn helped the euro to climb back above 1.18 as we head towards the end of the week.