The EUR traded in a stable manner on Tuesday refusing to give up any of its gains made previously against the USD. Range trading was largely the result for the Single Currency in rather tentative markets. There was some positive data from Europe yesterday with the GfK German Consumer Climate and the E.U.’s M3 Money Supply figures showing slight improvement too. Today the German Prelim CPI statistics are on the schedule and a gain of 0.2% is anticipated. The results from yesterday’s data and the estimated outcome today continue to point to rather sluggish growth. The EUR has done well the past few weeks, but many concerns exist regarding the long term health of the European economy. Tomorrow the German Unemployment numbers will be brought forth and on Friday Retail Sales figures will come from Germany. The EUR has certainly done well recently against the USD and for traders who have the stomach to trade based on its short term ranges opportunities may continue to foster.
Written by bforex.com
