Movements in euro pairings were largely dictated by events elsewhere yesterday as the euro strengthened considerably against sterling and made marginal gains against the US dollar. The major data releases from the Eurozone were mixed with Spanish manufacturing figures revealing more growth than expected and Italian manufacturing figures revealing less growth than expected.
Spanish unemployment data may today have a greater influence on the performance of the single currency; however, it is likely that the fallout from investor bets placed yesterday will continue to play a significant role. Expect continued volatility in the run-up to the European Central Bank (ECB) Minimum Bid rate decision on Thursday and the following press conference.
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