Euro Zone GDP the focus today (Mike Vaughan)

UK construction PMI figures came out slightly worse than forecast but it has had minimal affect on the market. Also this morning the Euro Zone will release its latest GDP data at 10:00. If weak then this could put pressure on the the Euro today and we may see GBP/EUR levels back through 1.21.

Following today’s data this will move focus onto tomorrows important Euro Zone interest rate meeting and post decision press conference from Mario Draghi. With Euro Zone inflation figures falling to 0.5% last week will the ECB react tomorrow? There is an outside chance of an interest rate cut, however for me it is unlikely. Should you have an upcoming exchange to arrange then you may wish to remove the potential volatility surrounding tomorrows decision.

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