A very quiet day for Eurozone data yesterday meant that the single currency held a fairly flat position against the majority of its peers. This changed with the release of the FOMC minutes from the Federal Reserve in the evening which saw the euro push up through the 1.27 level again.
With no significant Eurozone data, yesterday’s quiet day can probably be attributed to sentiment ahead of today’s speech from the European Central Bank (ECB) President, Mario Draghi. Eyes will be on Draghi come 4pm this afternoon, as traders look for any clues of further quantitative easing or stimulus measures. Added pressure has been put on Draghi as the run of poor data out of Germany, the Eurozone’s flagship economy, has pulled the rug further from under the bloc. Any aggressive lean towards easing methods will be expected to undermine the euro.