Euro steady

The euro built upon Monday’s steadiness with a subdued fight-back throughout the day yesterday, clawing back some of the ground lost at the end of last week. German growth figures in the morning came in line with most forecasts estimating 0.1% compared to the previous quarter’s reading, which provided a firmer footing upon which to enter the day’s trading. As a result, we saw the single make currency some gains against its US counterpart, particularly in the afternoon session.

Today is a quiet day on the data front, although German 10-year bond auctions may have some impact. Expect a relatively range-bound euro, however, as traders look with anticipation toward the retail sales and, more significantly, inflation data from across the bloc on Thursday and Friday.