The euro had an unusually positive day yesterday, as a positive Portuguese debt sale and a strong Spanish bond auction drew investors to the 17-nation common currency. Strong gains were recorded against practically all of the euro's main currency rivals throughout the day yesterday, including the US dollar and yen.
The currency was not able to maintain its upward momentum past evening trading, as investors once again determined that the euro-zone economic recovery is still anything but certain. The EUR encountered strong resistance against the greenback at around the 1.3400 level, and is currently dropping toward 1.3300. Similarly, the EUR/JPY was not able to move past 110.70 yesterday, and is currently approaching the 110.00 level.
Turning to today, euro traders will want to pay careful attention to the euro-zone CPI and Core CPI figures, set to be released at 10:00 GMT. The Consumer Price Index is a measurement of the change in price of goods and services in the euro-zone, and is considered a key gauge of economic health. A positive figure may help the EUR turn around once again and close out the week on a positive note.