Without any major economic data to speak of from Europe on Thursday the EUR managed to continue its gains against the USD. Economic sentiment from the E.U. like its major counterparts has not taken a sudden turn and become optimistic, and in fact the Sovereign Debt concerns have not gone away either. However, the short term has produced some solid momentum for the EUR against the Greenback going into today’s final trading session. The Single Currency still remains within the weaker realms of its value against the USD and the question is when and how (and if) this will unravel. Only PPI data from Germany will be published today and the estimate is 0.2%. The anticipated number shows that stagnation remains a strong shadow over Europe. The burden of austerity measures and near zero growth do not bode well for the E.U. but going into today, traders may find opportunities to take advantage of short term risk sentiment.
Written by bforex.com