There’s just no stopping the euro bulls! Once again, they pushed forward as EUR/USD climbed another 17 pips, just as EUR/JPY recouped 33 pips from Tuesday’s big drop. Will bullish momentum carry the shared currency higher today?
From the looks of it, we have the strong showing from the industrial production report to thank for the euro’s rally. According to the latest stats, output was up by 0.4% in April amid forecasts that predicted a 0.2% slide. This seems to have overshadowed the CPI reports from Germany and France, which weren’t really supportive of the euro. German CPI clocked in just as expected at 0.4%, while French CPI came in below the 0.3% forecast at 0.1%.
Today, we have the ECB monthly bulletin to look forward to, and if it’s anything like Draghi’s speech in the recent rate statement, it could show a bit of optimism for the region. Catch it at 8:00 am GMT!