A string of poorer economic data from the three of the eurozone’s biggest economies held back EUR/USD this morning, but ECB hopes meant that the currency pair remained in positive territory.
Manufacturing figures from Italy, France and Germany all came in below expectations for the month of August, as the eurozone crisis continued to take its pernicious toll on the industrial sector. In addition, the eurozone's overall manufacturing index shrank slightly; the crisis is now afflicting everyone in the currency union, with no safe-haven available.
However, the negative impact of this data was offset by the eternal hope that salvation is on its way this week, in the form of ECB president Mario Draghi. Ben Bernanke may not have provided much for investors last week, but there is still a general expectation that a rescue programme of some sort is being formulated in the hallowed halls of Frankfurt. Only time will tell.