Analysts at BBH explains that the euro is lower for the third session against the greenback and after last Friday; the euro snapped a three-day slide and has now retraced 61.8% of its bounce (~$1.0550).
“The euro was unable to resurface above $1.06 in North America yesterday, and this will likely continue to cap the single currency ahead of the ECB meeting tomorrow. The strong German (January 2.8% and December revised to -2.4% from -3.0%) and Spain (0.3% vs. consensus 0.2%) were largely ignored by the market. There had been some talk last week that the ECB could alter its forward guidance at tomorrow's meeting, but most seem to be downplaying the likelihood in recent days.”
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