The Euro continues to challenge the 1.18 mark against the Greenback with a hawkish ECB statement driving the momentum. Opening this morning at 1.1746, the Euro initially rose 60 pips to 1.1815 but failed to hold above the level.
In what was a mostly quiet start to the week, the Euro did enjoy some relevant news with ECB Chair Draghi speaking at a European Parliament committee meeting. Draghi, mostly repeated much of the same message he said at the last press conference but added there was a “relatively vigorous” uptick in underlying inflation. The positive comment saw the Euro move above the 1.18 level although it failed to hold its gains.
On the trade front, Reuters reported that the EU’s Trade Commissioner Cecilia Malmstrom has cooled expectations on any rapid progress in the US-EU trade negotiations. She noted that the dialogue between the two economies is still in the “exploratory” phase, signalling any detailed progress would be at the trade meeting slated for early November.
Moving into Tuesday, the Euro enjoys another quiet day on the economic calendar with only a Consumer Confidence reading in the US to drive direction