The single currency continues to trade in the ranges in what is amounting to a remarkable consistency. After flirting with a three-week low against the US dollar, it managed to regain some its losses.
It has been a relatively quiet week in terms of eurozone economic data, but the second reading of inflation did post a reading of 1.3% which fell in line with expectations. As the euro has recently strengthened against both sterling and the US dollar, it is likely that this figure will remain low for some time to come.
Looking to the day ahead, we have more tier 2 data set for release in the form of German factory inflation and the current account. It is going to be interesting to see what – if anything – can lead to a significant weakening of the euro in the near future.