020 7898 0500Yesterday we saw the release of the German Information and Forschung (IFO) Business climate index, with the survey showing that confidence of German businesses dropped to the lowest level in six months. This was the only data release of note from within the Eurozone. Despite the negative data, the euro actually strengthened against sterling and rallied against the US dollar during the day.
Today we have a relatively quiet day in terms data releases from the Eurozone, with the Eurozone Central Bank (ECB) Monthly Money Supply figures being the most notable piece of data released, in addition to German consumer confidence and ECB Private Loan data. These are expected to have little effect on the euro, though, with the driving force behind movements in the markets likely to be the growth data from the UK and the US.
However, as has been the case all week, the main event will be Janet Yellen’s speech at the Jackson Hole Symposium tomorrow at 3pm. The speech will likely make it clearer whether or not the Federal Reserve will raise interest rates before the end of the year.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
