Yesterday was a day to forget for the euro, as it lost ground against both the dollar and sterling. With the European Central Bank confirming their programme of quantitative easing until September 2016, the value of the euro dropped sharply at 8am. However, the news that the UK was in negative inflation did offer momentary relief for the multi-national currency. A series of poor data releases from the Eurozone later in the day, starting with the German Economic sentiment, meant that the euro weakened against sterling in the second half of the day.
Looking to today we see no important releases from the Eurozone so movement in the Euro will be affected more by events elsewhere. The one unknown to this is if we suddenly see progress of any sort on Greek debt then we should expect rapid movement for the euro.