Movements in the euro were relatively limited yesterday in the absence of any influential data releases. It was perhaps interesting to note that the Greek Current Account figures released revealed a surplus for the first time since the data started being recorded. This is certainly an encouraging sign for the Southern European nations that have long struggled to move towards economic recovery and positive trade balances.
Today’s events provide increased potential for single currency volatility as German and French Flash Manufacturing data are released. Both figures are expected to show slight improvements from the previous month, with French Manufacturing figures looking at a narrow contraction and the German sector moving towards consistent growth. Ahead of these figures, investors may also react to the German Producer Price Index, which is a leading indicator of consumer inflation.
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