Yesterday was another unremarkable day for the euro until the US Federal Reserve meeting announcement late last night which caused the euro to fall very quickly against the US dollar, as the spectre of rising US interest rates increased.
Today promises to have more local influences with European data coming thick and fast over the next 48 hours. Out of Germany today we have inflation and unemployment data, and out of Spain we have inflation and growth data. There is a lot of uncertainty towards the releases; forecasts are wide-ranging as recent releases have been very inconsistent. As a result, we could see some significant movements in euro markest today, with the possibility of some unexpected releases.