The Euro moved slightly higher in overnight trading, although remains strictly rangebound ahead of the all-important Federal Reserve meeting tomorrow morning. Opening this morning at 1.1365, the Euro looks to consolidate ahead of a busy day tomorrow.
The Euro had little to digest on the domestic calendar ahead of the holiday period. Nevertheless, there was some movements from the Euro’s counterpart as the Greenback softened ahead of the highly contentious Federal Reserve’s rate announcement tomorrow. With the looming announcement on the horizon, the Greenback weakened slightly but found support late in the day from a recovery in equity markets. Overall, the Euro maintains its neutral stance in preparation for the Federal Reserves policy statement.
Tomorrow morning is of key importance to market participants as they await the announcement from the Federal Reserve. Closer to home, the Euro is also set to enjoy the release of German month on month PPI. Across the channel, the UK prepares to release UK CPI, retail sales and their own monetary policy statement for market participants to digest.