020 7898 0500The single currency maintained an upward trajectory yesterday in what was a relatively quiet day in the Eurozone. Both the French Final Non-farm Payrolls and German Final Consumer Price Index figures were unchanged from the preliminary versions of each data set which had been released previously, yet the euro maintained momentum. The sterling – euro rate dipped below 1.19 for the first time in three weeks whilst the seventeen-nation currency continued its move towards two year highs against the US dollar. Today’s events of greater influence are likely to spur sharper movements in euro crosses. European Central Bank (ECB) President Mario Draghi is due to speak about Central Bank policy in Strasbourg this morning, an address that is likely to cause movements as traders move to predict if and when we will see further interest rate reductions and pay close attention to any mention of further long-term refinancing operations (LTROs). In addition Eurozone monthly Industrial Production data is set to be released this morning after the release of the ECB monthly bulletin – which reveals the analysis used by the ECB when making the previous month’s interest rate decision. Call your trader to take advantage of market movements in what is likely to be a day of increased movement.
