German Trade Balance data came out better than expected yesterday, showing a greater difference in the value between exported and imported goods than was forecast. However, once again the effect of this data was limited and sporadic rate movements against sterling and the US dollar occurred largely as a result of events elsewhere. Despite movements throughout the day, the euro ended the day in a similar position to where it started against these two currencies.
This evening, European Central Bank (ECB) President Mario Draghi is due to speak in London. His words have the potential to spur movements in euro rates given his instrumental role in implementing further changes in monetary policy. It is unlikely that we will see action on a large scale in the near future, but as data from the Eurozone remains mixed, uncertainty continues.