020 7898 0500The euro managed to hold its own on Wednesday, with most of the news in the arena coming from elsewhere. Against its two major currency pairs, the single currency remained around the same level as Tuesday. Against sterling it strengthened due to poor manufacturing data from the UK but these gains were eradicated in the afternoon; compared to the US dollar it weakened slightly in the morning, amid fresh hopes for easing measures by the Bank of China were looking more likely.
With the week remaining muted for the euro, this morning we had very weak industrial production from France – showing a 0.8% drop, when 0.3% growth had been anticipated.
