Although the Euro has strengthened against the Pound, it has weakened against a number of different currencies including the US Dollar and is currently close to its lowest level all year.
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The French fuel tax protests have continued to affect the country with riots in Paris over the last couple of days, it appears as though the issue has not yet been resolved which is causing a problem for France and its leader Emmanuel Macron. He has always erred towards a more progressive economy and wants to increase its presence on the global stage.
According to media reports the ‘gilets jaunes’ have the support of a majority in French public polls with many polled believing that they will not benefit from Macron’s reforms.
Discussions have continued between Italy and the European Union over the recent budget proposals made by the Italian Government.
On Monday the EU welcomed a change in tone from the country who have suggested that they are prepared to make changes to the current plan.
European Commission Vice President Valdis Dombrovskis said, "we are currently in intensive discussions with Italian authorities… so now I would say the ball is on Italy’s side whether Italy comes back with substantial adjustments to the 2019 plan".
Clearly the budget in its current guise does not sit well with the European Union and the threat of 0.2% of GDP as a fine is clearly something that Italy wants to avoid so this news was welcomed by the single currency.
Tomorrow morning both Germany and the Eurozone will release PMI Services data for November. Both releases have been rather mixed in recent months so this could provide some volatility on Euro rates on Wednesday morning.
This data will be closely followed by Eurozone Retail Sales for October and the consensus is for a strong reading so if this comes out as expected we could see a solid start for the Euro on Wednesday. Therefore, if you’re considering buying Euros it may be worth getting this organised prior to Wednesday.
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