Currency Note Euro

No bad news benefits the euro

By Ricky Bean October 29th, 2013

In the absence of any notable data emanating from the Eurozone yesterday, the euro had a quiet day although it did strengthen below the 1.17 level against sterling. There was little movement seen against most major trading partners, with only minor fluctuations against both sterling and the US dollar. In general this month the euro has seen consistent appreciation against sterling and has made sharp gains against the US dollar during the second half of the month, reaching new highs for the year. This trend has continued, albeit at perhaps a slightly more moderate pace. Speculation continues to abound as to how long the single currency can maintain this trajectory. Today sees the release of German Consumer Climate data which has some capacity to impact on performance of the seventeen-nation currency. It should also be noted that a deluge of data from the US is being released today and is likely to play a determinate role in the movements of the euro. Call your trader now to see how long euro strength continues.