020 7898 0500The euro had a mixed day yesterday, as varying data and external influences saw it reach a new three-month low against sterling before recovering slightly. Performance against the US dollar, however, was slightly improved as the pair traded within a narrow range throughout the morning, before moving sharply in the euro’s favour during the late afternoon. Monthly sales figures for the Eurozone failed to live up to expectations as they revealed marginal growth of 0.1%. Italian Services data disappointed, showing greater contraction than was expected, but conversely Spanish Services figures were markedly better than expected, revealing some growth as opposed to the contraction that was expected. Today, expect euro performance to be influenced by the European Central Bank (ECB) press conference following their rate decision. Interest rates are widely predicted to remain at 0.5%, but investors will be paying close attention to the statement that follows to get further insight into future monetary policy. Call your trader now to see how markets react to the ECB’s comments.
