With the market closed in Europe, it was left to US data to determine the trend for the Euro in a market lacking liquidity. Weak US data sent the Euro higher on Friday to around 1.13 which level was last seen on Feb 26.
The overhang of Greek default which has been plaguing the Euro, seems to have abated slightly after the more amenable Deputy Foreign Minister Euclid Tsakalotos was appointed as the head of the negotiating team with the Troika, replacing the combative Finance Minister Vardoulakis.
This week retail sales, PMI and Producer Prices will be keenly watched for further signs of economic recovery in the Eurozone.
