020 7898 0500The euro saw relatively little movements in major pairings during the early stages of the week before the sleeping lion was awoken following European Central Bank (ECB) President Mario Draghi’s statement. Whilst interest rates for the Eurozone remained at record lows of 0.25%, Draghi refrained from raising the possibility of negative interest rates as he did in the previous month or any mention of another round of longer term refinancing operations. Improved inflation data and a slightly improved economic outlook prevented Draghi from mentioning further interest rate reductions, which would have impacted negatively on the seventeen-nation currency. The week’s data releases before Thursday were mixed, with French manufacturing data coming in at notably lower levels than expected and Spanish Services figures showing an improvement. Today’s only notable data release emanating from the Eurozone is set to be the German Factory Orders figures this morning. Market chatter may cause further movements as traders continue to speculate about the future of ECB monetary policy. Call your trader now for an update on euro pairings.
