EUR review: Western Union

Underwhelming U.S. jobs news and growing signs of improving economic momentum in Europe helped the euro hover around $1.10 against its U.S. counterpart, its strongest level in more than a week. Doubts about the durability of the U.S. economy have helped brighten the short run outlook for the euro, putting in play levels like $1.11 or higher. 

Meanwhile, some euro bears have been in retreat following news last week on the euro economy that showed the fastest manufacturing growth in 10 months and better news on inflation and unemployment which both took a baby step in the right direction. 

Despite the sentiment uptick, the euro isn't out of the woods given the infancy stage of the European Central Bank's big stimulus program which should keep a strong headwind on the euro well into 2016. Economic focal points for the euro this week will be services growth on Tuesday and retail sales on Wednesday.