Tuesday was another quiet day for the euro as it saw minimal movement against the US dollar. It also saw strength against sterling but this was due to disappointing manufacturing data from the UK, rather than any improvement from the Eurozone economy. The only news from the Eurozone were growth figures in the morning, which came out slightly lower at 0.3% – as this was the level that had been forecast, it had no impact on euro markets.
Today is supposed to be no busier, with the week incredibly quiet for any major news from the region, following European Central Bank (ECB) President Mario Draghi’s lacklustre announcement last week. The only data out are Germany’s trade balance figures – expected to tick up slightly from €19.4 billion to €20 billion – but other than this it is likely to be an uneventful day for the euro, unless it is influenced by events elsewhere.