Just a small amount of data and quiet news from the Eurozone contributed to a slow day for the Euro. The multi-nation currency opened the day with German consumer climate data, a leading indicator of consumer spending. This figure came out just over expectations, but had little effect on the markets. The focus in the Eurozone still remains on Greece, and the possible re-negotiations of their bailout package with the EU and IMF.
Today and tomorrow we have the release of inflation data for the Eurozone which are expected to negative. By how much is the key as the logic behind last week’s programme of Eurozone quantitative easing is to foster growth and higher prices which means the closer these figures are to zero the better.