Euro clings on to positive data

The early part of yesterday saw the euro’s (EUR) relative weakness continue against sterling (GBP, pound). However, as data came in throughout the day the single currency rallied by the close of play. Germany’s IFO Business Climate Index published results above forecasted levels and Eurozone Consumer Price Index (CPI) met expectations, which renewed a small level of confidence.

The euro was also able to recover from its weakest level against the dollar (USD) in six weeks after far-right French presidential candidate Marine Le Pen’s perceived chances of winning fell after her main rival, Emmanuel Macron received some high-level support, reducing concerns given her anti-EU stance.

Today’s data isn’t expected to hold enough strength to cause any drastic movements, with the notable data announcements being monthly Italian retail sales and quarterly German GDP.