French Industrial Production data offered no surprises yesterday as it detailed a 0.3% increase in the level of production, as was expected. As a result, movements in major euro rates came largely as a result of events elsewhere. The single currency lost ground sharply against sterling in response to positive manufacturing figures from the UK in the morning, before recovering (to an extent) throughout the rest of the day. The euro also continued to lose ground against the US dollar.
Euro movements are once again difficult to predict today, given the lack of influential data due. However, the eighteen-nation currency could continue its slump following the action taken by European Central Bank (ECB) President Mario Draghi last week – the euro seems to have very few committed supporters as this moment in time!