ECB President calls for deeper economic integration with in the Eurozone

Movements in euro rates were limited during the day yesterday as we saw it strengthen gently against both sterling and the US dollar. European Central Bank (ECB) President Mario Draghi spoke in London during the evening and suggested that there should be an even deeper economic integration between its member states to narrow the difference between the 18 members economies and stated that “some form of common governance over structural reforms” was needed.

French Industrial Production figures released this morning came out worse than expected showing a contraction of 1.7%; but, had a limited effect on the euro first thing.

Important events are occurring elsewhere today and are likely to have a stronger bearing on respective rates. Most notably, we expect movements as a result of activity elsewhere, particularly the Monetary Policy Committee (MPC) Rate Statement in the UK and US Unemployment data.