There was a negative feel on the Euro and British Pound this morning, with the Euro pushing only slightly higher against its peers, and manufacturing data in the UK held GBP back from any further gains.

In some trading institutions, a call for weaker Euro was echoed, and also written in the financial times.

The Euro bears will have to wait, though according to analysis, the downward trend which has been in place since March is still intact, limiting any gains for the Euro. Many are forecasting a return to $1.25 by late summer.

The economy in the Eurozone still remains weak, even though stimulus measures have been put into action by the ECB. These measures could actually hinder gains in Euro if the US economy starts to accelerate further.

Stats in the Eurozone this morning of note were figures released for Germany trade surplus. It increased to 18.8 billion euro in May.

Also in May compared to April, industrial production in the UK fell by 0.7%, with a decrease of 1.3% in the manufacturing sector alone – contributing a percentage point to the overall decline.