With little in the way of fundamental news on the economic calendar, for either Europe or the US today, trading in the euro to dollar, may well be characterized by yet more sideways movement and random price action based on rumour and speculation. The only news of any substance in Europe this morning is the German PPI index, which measure the change in the price of goods sold by manufacturers. It is generally considered to be a leading indicator of consumer inflation or deflation – when manufacturers charge more for goods then higher costs are usually passed on to the consumer, and vica versa in the current deflationary background. The forecast for this morning is for a figure of 0.5% against a previous of 0.0%. The only other item of fundamental news today for the currency pair, comes later in the trading session in the US, with the release of the CB Leading Index. This is a curious piece of news, which has muted impact on the financial markets, as it is a composite of all that has gone before, being composed of 10 other data sets which are then consolidated into this one index – so in essence the news is very old and already in the public domain, so there is little to be gleaned by the markets. All in all a very quiet day on the fundamental news front for the start of the week.

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