Despite Industrial Production figures from both France and Italy showing more contraction than expected, the euro saw little movement in major pairings yesterday. As volatility across the currency markets reached its lowest point for two weeks, the single currency traded within a relatively narrow range against sterling and the US dollar.
Very little in the way of influential news is set to be released from the Eurozone today. Investor attention is likely to be drawn elsewhere as the new Chairperson of the US Federal Reserve testifies in Washington DC. Following this, European Central Bank (ECB) President Mario Draghi is set to speak tomorrow and volatility is likely to increase in the run-up to his speech. As the pressure to act in order to increase inflation remains, traders will be paying close attention to Draghi’s words.
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