The euro took some strength in the early session yesterday, logging similar gains against sterling and the US dollar. This is surprising given the calling of a snap presidential election in Greece and the uncertainty that this could bring on its continued membership of the Eurozone. However, German trade balance figures released in the early morning were released, coming in at €20.6 billion, up €2 billion from the previous month’s figures. With Germany being the Eurozone’s flagship economy, any positive data from the region has a particularly strong influence on the markets. Some of the gains seen in the early session were pegged back in the afternoon.
BNP Paribas cited the euro and the Japanese yen as the two currencies they expect to devalue the most across 2015.
Looking forward to today, French industrial production figures out this morning will be one to keep an eye on.