After markets re-opened following the Bank Holiday on Tuesday, the euro had a mixed day against its major pairings of sterling and the US dollar. With the US dollar having a good day, thanks to positive Consumer Confidence and Trade Balance data released, the euro weakened, as is often the case in these circumstances, as they are the two most traded currencies on the planet. This is even more exaggerated when the markets are quiet and liquidity is low. The single currency marginally weakened against sterling, but this was nothing of note; the small increase was most likely as a result of investors opening new positions after Christmas.
We will see Inflation data released this morning from Spain, but are expecting little movement for the currency now until the New Year.
If you are looking to buy or sell euros, this quieter period is a good time to review your currency strategy and contact your trader for the latest rates.