020 7898 0500The euro had a mediocre day yesterday despite Spanish and Italian manufacturing data coming out better than expected. After an array of mixed German data last week, these promising figures failed to have a notable effect on the fortunes of the single currency. Limited fluctuations were seen in the euro’s major pairings as it lost some ground against the US dollar and notably reached its weakest level since late June against sterling. We may see increased volatility for the seventeen-nation currency today and tomorrow in the build-up to Thursday’s interest rate decision and following the European Central Bank press conference. Commentators are not expecting the ECB to alter their stance to any great degree following last month’s meeting and are likely to maintain a similar stance on forward guidance as well as keeping interest rates at 0.5%. In the meantime, Spanish unemployment figures are set to be released this morning and variance from expectations may drive euro movement. The general consensus is for a minimal reduction in the number of unemployed people in Spain during the previous month. Call your trader now to see the effect the data has on performance ahead of Thursday’s more influential events.
