Aside from a short period of euro appreciation during late morning – that was quickly reversed – yesterday was again a day of limited movements in euro pairings. Money supply data was revealed to be worse than expected, detailing a 1% increase; however, this was not a large enough discrepancy to have any notable effect on the strength of the single currency.
Today will provide a greater array of data from the Eurozone, with unemployment data and Consumer Price Index figures from Germany having the potential to contribute volatility to the trading day. Additionally, Spanish quarterly flash GDP figures will give some indication as to how effectively the Southern European nation is making a recovery. Data releases over the near future will continue to have an effect on investors’ opinions as to the possible overvaluation of euro.
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