The euro is strong against both the dollar and the pound this morning. This follows a statement from Bank of France Governor Francois Villeroy de Galhau, who said that the ECB will wait for more economic data before making a decision on interest rates. Despite this, he also confirmed that the bank will act as needed to support the Eurozone economy.
German industrial production picked up again from April, although still slightly below market expectations. German trade surplus held relatively high, at 20.6 billion.
Tomorrow, we will see French and Italian industrial production and, importantly, on Wednesday, German inflation rates and the results from the ECB monetary policy meeting for July. On Friday, China will release a raft of important data, which could have an impact on the euro.
