Source: ForexYard
The euro saw moderate gains against the US dollar in overnight trading, but analysts were quick to warn that the overall trend for the common-currency is still bearish and that any upward movement is likely to be temporary. Against the JPY, the euro has fallen by over 60 pips since last night and is currently trading around the 97.35 level.
Main News for Today
UK Manufacturing Production- 08:30 GMT
• The manufacturing data is forecasted to come in at 0.1%, well above last month’s figure of -0.7%
• Should the news come in as expected, the GBP could see gains against the USD and EUR during mid-day trading
EUR ECOFIN Meetings- All Day
• Euro-zone finance ministers are meeting to discuss last month’s agreement to bring down Spanish and Italian borrowing costs
• While the meetings are not expected to produce any concrete ways of moving forward with the agreement, any positive developments on combating the euro-zone debt crisis could help the EUR.
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