020 7898 0500After a disappointing time against sterling and the dollar of late, the euro bounced back a little yesterday by making some healthy gains against both currencies. The single currency jumped against the greenback following the release of the consumer price index figures from America and didn’t do too bad against the pound either. It remains to be seen whether the trend can continue, especially given the moves were largely brought about from news elsewhere.
The European Central Bank’s monetary policy meeting accounts were released yesterday and were relatively uneventful. No changes have been made to its monetary policy stance and it expects interest rates to remain at their present levels throughout summer 2019 and possibly beyond that. Of course, a lot can happen between now and then, but it has been so long since rates were hiked that nobody can expect another increase anytime soon.
The main releases from the eurozone today are the German inflation rate for September and eurozone industrial production for August. Year-on-year, the former is expected to rise to 2.3% from 2% in the previous period, while the latter is forecast to drop to -0.2% from -0.1%. Neither release is likely to fuel major currency moves, but it will be interesting to get an idea of the eurozone’s productivity.
