The euro is up against the U.S. dollar today, re-approaching a one-month high following upbeat comments from the Italian prime minister, while investors are looking ahead to a meeting of Eurozone finance ministers on Friday.
Official data confirmed that the French economy grew by 0.2% in the last three months of 2011, in line with preliminary estimates, however the Eurozone’s economy contracted by 0.3% in the fourth quarter.
US data had little impact as weekly jobless numbers fell to a four year low. The markets search for new ideas to drive the US currency higher and the economic focus today will be on the US February CPI and Industrial production data, with the March reading of consumer sentiment towards the dollar holding firmly above the $1.30 level against the euro.
Sterling weakened yesterday falling from its one month low against the euro, while easing off against the dollar, with U.S figures showing the best job gains since 2006 which has boosted consumer confidence.
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