The euro saw reasonable, if unspectacular, performance yesterday as trader confidence in the single currency increased moderately. European Central Bank (ECB) Board Member Yves Mersch indicated that the deflation risk in the eighteen-nation bloc is contained, dampening expectation of a spree of bond-buying or further interest rate reductions. This caused the euro to strengthen against a number of major currencies. There were no hugely influential data releases from the Eurozone yesterday. As such, sharp movements in rates were limited.
Today, data releases are similarly limited from within the Eurozone, so events elsewhere are likely to have a stronger bearing on euro rates. Less influential releases may have an impact on the performance of the single currency, as may market chatter in the build up to the G20 meetings at the end of the week.
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