Euro recovers despite ECB unimpressed with inflation

The single currency gathered strength, slightly, against both the GBP and dollar (USD) yesterday with the minutes of the European Central Bank (ECB) showing  that the monetary policy committee is in no hurry to reduce its Quantitative Easing (QE) programme. The ECB blames the recent encouraging uptick in inflation simply on energy price rises. Mr Draghi, ECB President, said that a “steady hand” was required to encourage stability.

The week ends with a quiet day for the euro, with a low level data releases including Eurozone Construction Output.