It was a mixed day for the euro, recovering strongly against most currencies, including sterling, but losing 0.5% against the US dollar. This morning, the euro has regained some strength but remains lower than yesterday’s highs.
Data was mixed too, with eurozone industrial production falling more steeply than expected. Spanish inflation data was patchy, still relatively low at 5.9% but not falling quite as fast as expected last month and indeed higher than last month year-on-year. We’ll hear French inflation tomorrow, but the quiet week for data continues, leaving the single currency in a passive mode.
