It was a mixed day for the euro on Tuesday as it strengthened against sterling but disappointed against the US dollar as strong sentiment continued to surround the possibility of a US rate hike in 2015.
Greek Prime Minister Alexis Tsipras, who was re-elected on Sunday in the Greek’s second snap election had promised on Monday to help the local economy – but added that obtaining debt relief from Greece’s creditors was his priority for the time being. Consumer confidence data was also released, and this came out just worse than forecast at -7.1 but only marginally down from last month’s -6.9.
The majority of investors will be monitoring Mario Draghi’s speech at 2pm this afternoon; this will be key to seeing if the European Central Bank (ECB) are likely to expand their current Quantitative Easing (QE) programme, along with an overview on the European economy. Earlier this morning Purchasing Managers’ Index (PMI) data was released, and this was expected to remain at the same figure as last month of 54.1.