Euro is rangebound
The euro is trading at $1.3637, largely unchanged even though the eurozone sentix investor confidence dropped from 12.8 in May to 8.5 in June. It is worrying that the investor confidence has taken a sharp drop in the same month as the European Central Bank announcement. For the past few weeks all the focus has been on the ECB and now that there have been minimal steps towards tackling deflation, the excitement has dissipated.
We are not expecting any economic announcements from the eurozone or the US today. The euro is receiving support at the $1.36 mark, if it is breached it could target $1.3540.