There was not a great deal of movement in euro rates yesterday as most of Europe returned to work following the bank holiday weekend. The single currency weakened slightly against sterling as a result of speculation surrounding the UK Monetary Policy Committee (MPC) Meeting Minutes due out today.
From the Eurozone today, we await Flash Manufacturing Purchasing Managers’ Index (PMI) figures from across the Eurozone. As the escalating situation in Ukraine continues to pose a threat to the Eurozone recovery, today’s figures should give a strong indication as to how well the manufacturing sector is faring. Figures are predicted to show growth in the sector, but it is expected to be at a reduced rate. The discussions of the aforementioned MPC meeting in the UK are likely to have a bearing on the sterling-euro rate throughout the day, while US new home sales data released later today will have impact on how the euro performs against the US dollar.
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