The Eurozone has cut is growth forecast to 0.8% from 1.2% for 2014. The outlook for next year has also been cut to 1.1% rather than the previous forecast of 1.7%. This is bad news for the single currency as it means less investment in the Euro which could inevitably weaken the Euro against Sterling in the long term.
However, later in the afternoon following the announcement of low US Trade Balance figures this saw Dollar weakness which led to the Euro strengthening briefly against Sterling.
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