The euro’s gains against the pound were pared back yesterday following the BoE’s hawkish tone on monetary policy which saw the likelihood of the European Central Bank lagging behind the UK in raising interest rates next year.
However the single currency rebuilt and surpassed its strength against USD after weakening to a one-month low late on Wednesday.
It’s been a relatively quiet week for eurozone data, but the biggest data releases have been mixed, showing no great momentum to European recovery.
This morning, however, IFO Business Climate for Germany has come in at 98.8, stronger than expected but slightly down on August.
