An anticipated euro-zone interest rate hike caused the EUR to turn bullish against the safe haven dollar and yen throughout the day yesterday. That being said, the euro was not able to maintain its gains against the Japanese currency in the overnight session. The EUR/JPY has begun correct itself, and has already fallen close to 30 pips since late last night. Currently the pair is trading just above the 112.40 level.
Against the UK pound, the euro was decidedly bearish throughout the day yesterday. The EUR/GBP dropped close to 80 pips yesterday, and has yet to stage a significant upward correction. Currently the pair is trading close to the 0.8550 level.
Today, traders will want to pay particular attention to the UK Manufacturing PMI, scheduled to be released at 09:30 GMT. The PMI is forecasted to say that there was expansion in the British manufacturing sector last month. Should the PMI come in at its anticipated level of 58.0, the euro could move down further against sterling in the morning session today.