It was an improved performance from the euro yesterday, but largely due to events elsewhere as the Eurozone currency rose to three-week highs against the US dollar as US consumer confidence had dropped last month. The euro initially gained against sterling but this was also down to poor growth figures from the UK, released at 0.3%, but gave back these gains as the day progressed. The same old story remained as the euro continued to be held back on the lack of optimism that Greece will eventually reach an agreement with its creditors on a new bailout.
Today we have a few data releases across the day, starting with German retail sales release early in the morning, forecast to improve to 0.4% from last month’s -0.5%. We then have Consumer Price Index figures from Germany in the afternoon, forecast to increase slightly to 0.4% from 0.3%. Also out is business and consumer confidence data, likely to fall from -3.7 to -4.6.