German Economic Sentiment figures released yesterday showed the lowest level of optimism in Europe’s largest economy since 2012. This represents a continuation of the weakening in optimism that has been occurring throughout 2014, and as such did not have a strong bearing on the performance of the single currency throughout the day. Movements in euro rates were influenced to a greater extent by events elsewhere.
Today is set to be another relatively quiet day on the Eurozone data front, but rate movements are still likely as there is plenty to watch out for elsewhere. In addition to the UK revealing the Monetary Policy Committee votes on interest rates and asset-purchases, the Federal Open Market Committee in the US will be making their Interest Rate Statement late in the day.