The Euro continues to benefit from its “time in the sun”

The euro held steady against the dollar on Wednesday but gained strength against sterling although this was largely down to the Monetary Policy Committee minutes from the Bank of England (BoE), rather than from events within the Eurozone. The single currency remained solid throughout the day ahead of a US Federal Reserve monetary policy statement which was generally expected to provide a further view into the timing of an interest rate increase. The euro weakened across the board after the European Central Bank (ECB)started asset purchases under its quantitative easing program earlier this month but has slowly started to re-gain some of the lost ground.

There are no significant data releases for Europe today and tomorrow, so we will look to events elsewhere which could potentially affect euro markets.