Monday was a quiet day for the euro as it moved up slightly against the US dollar and sterling, but little news or data from the Eurozone made any gains very limited. Earlier in the morning, German IFO business sentiment data came out worse than forecasted, having fallen from 108.4 to 107.3, but this had little effect on the single currency’s performance. European Central Bank (ECB) President Mario Draghi also spoke on Monday but did not focus on monetary policy in his speech.
Very little is forecast to happen today in terms of major economic events or data from the Eurozone. All else being equal, we are expecting another slow day for the euro, with it likely to remain at these current levels until later on in the week. However, the nature of currency markets means that currencies are susceptible to external influences. As such, any surprises from major markets like those of the UK or US could potentially affect euro movements today.