Euro Is Weakening due to Ireland’s Budget Deficit

EUR/USD

Last week the Irish government released a plan to cut spending and raise taxes by 6 billion euros in 2011.

Due to concerns over the Ireland’s budget deficit, the euro fell for a second day versus the dollar. In fact, the single currency weakened versus 13 of its 16 opponents. The arrival of the EU Economic and Monetary Affairs Commissioner Olli Rehn in Ireland is highly anticipated as he is coming to discuss the spending cuts and tax increases in the country.

EUR/GBP

No major events are expected for the euro versus sterling this week.

GBP/USD

This week, a wide variety of events will occur which will seriously affect the British pound, as the inflation report will be of the highest impact. Financial experts remain rather neutral on the pair due to the British figures being quite mixed recently.

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