We did not see a great deal in the way of influential events and data releases from the Eurozone yesterday, so changes in euro rates came largely as a result of events elsewhere. The single currency strengthened against sterling as the UK currency fared poorly across the board. Meanwhile, the euro remained relatively stable against the US dollar throughout the day, despite French Manufacturing data released in the morning detailing contraction in the sector instead of the marginal growth that was predicted.
Today’s euro rate movements are once again likely to be heavily influenced by events outside of the eighteen-nation bloc as we await the Inflation Report hearings in the UK and employment data in the US. The German trade balance data – detailing the difference in value between exported and imported goods and services – due out this morning may have some impact on performance as a nation’s levels of export are directly linked to currency strength.
Thinking of buying or selling euros? Call your trader not for up-to-date rates, as well as for currency-buying strategies?