Vasilis Tsaprounis
Independent Analyst
The single European currency after a very calm Monday maintains a slightly upward momentum having already secured the 1.08 level.
Yesterday's announcement from the Ifo Institute on the course of the German economy which showed signs of improvement and the calm day in the international stock markets, as concerns around the German Deutsche Bank have been limited, was in favor of Euro.
In a climate where the aversion to investment risk that was observed last week have largely limited, the US currency does not find a support environment and as a consequence is slowly being far from the profits obtained especially last Friday.
At the same time the European currency continues to be favored by the rhytoric of the European Central Bank regarding the next increase in interest rates as well as the continuous statements of various officials who keep the thoughts and bets on the next ECB's moves on hot.
From today's agenda, the speech of Ecb President Christine Lagarde and the Consumer Confidence Index for the US economy stand out.
I don't expect anything new from Lagarde who in consecutive speeches, that sometimes start to tire, continues to defend banking stability in the eurozone as well as the prospects for continuing the final goal of significantly reducing the inflation.
The mild upward momentum of the European currency It has enough chances to continue but without taking strong dimensions.
In general, I would expect today a relatively calm day without any strong fluctuations and without any strong direction to one side or the other, the mild upward momentum of the European currency which has started since yesterday is likely to be maintained But without seeing any significant level breakdown and it would be a surprise to me if this mild upward momentum could continue for today up to 1,09 level.
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