020 7898 0500Monday turned out to be a fantastic day for the euro against its two most-traded peers, the US dollar and sterling. Weakness in these currencies gave the euro a real helping hand as markets became nervous ahead of Wednesday’s US Federal Reserve interest rate decision, while UK Monetary Policy Committee member Minouche Shafik spoke in a cautious tone in regards to the UK raising interest rates in the future. Data for the Eurozone earlier showed that industrial production rose 0.6% in October, beating expectations for a 0.3% gain, after a -0.3% reading last month.
Today the only piece of data for investors will be German ZEW business confidence, which is expected to drop slightly from last month’s figure from 54.4 to 54. Any surprises could cause movement for the single currency, as could events from other economies.
