There is not too much to report on from the euro side of things yesterday, with the morning’s Eurozone inflation figures coming in as forecast. The single currency lost some ground following comments made by European Central Bank (ECB) Board Executive Benoit Coeure, who stated, regarding any decision around further stimulus measures, that “it’s not that much of a question on when we should do something, but more a discussion on the best way to do it”. Any decisions to adopt further stimulus measures will likely weaken the euro, and as such the markets responded accordingly to the statement. Further ground was lost against the US dollar in the late session, as the euro battled with dollar strength.
Looking forward to today, we have German IFO business climate figures released this morning. The survey is regarded as a leading indicator of general economic health, and as such markets will be watching it closely.