The euro strengthens thanks to Draghi’s announcement

The euro moved higher against the US dollar and sterling on Wednesday after European Central Bank (ECB) President Mario Draghi said it was too early to decide whether or not the central bank will add to its current stimulus program. Other than this we had Purchasing Managers’ Index (PMI) data from Europe which fell from 53.3 to 52.5 in September, while the services PMI ticked down to 54.3 from 54.9 but this data really did take a back seat though given Draghi was speaking in the afternoon.

Very early this morning consumer confidence data from Germany was released, and this was forecast to improve slightly from 9.8 to 9.9. At 9 am, there is more news from Germany with the Institute for Economic Research (IFO) business sentiment data which is forecast to fall from 102.2 to 101.5.