020 7898 0500Tuesday was an encouraging for the euro as it improved significantly against sterling and ticked up slightly against it major trading partner the US dollar. The main news came from Germany where the IFO business survey reading came out at 109 in October, beating forecasts for 108.2 – this was the highest figure in 17 months and provided a great deal of support for the single currency. Against sterling the euro strengthened almost 1%, but this was not just the news from Germany that did this, but also due to Bank of England (BoE) Governor Mark Carney delivering an inflation report in the UK that down played increasing UK interest rates.
Very early on this morning consumer confidence data from France was released, expecting to fall from 96 to 95. Other than this we can expect a quiet day in terms of data releases from the Eurozone, so the euro’s fate may hang in the balance of other currencies’ performances.
