The EUR finished yesterday's trading session with mixed results versus the major currencies. The 16-nation currency extended gains versus the U.S. Dollar on Tuesday, to trade above $1.4720 amid a broad sell-off in the greenback. The EUR did see bearishness as well as it lost 50 points against the JPY and closed at 130.54.
The EUR was affected by the global stock market rally and the bearish Dollar. The U.S. stock market rally led investors to buy-back into the EUR, as they looked for returns on buying commodity-linked and higher-yielding currencies in Tuesday's trading.
The Pound Sterling hit a one-week low against the EUR yesterday after an unexpected fall in UK manufacturing output raised doubts about the economy's recovery prospects. British manufacturing output fell 1.9% on the month in August -- the steepest fall since January -- and compared with July's downwardly revised rise of 0.7%.
Looking ahead to today, the most important economic indicator scheduled to be released from Euro-Zone is German Factory Orders at 10:00 GMT. Analysts are forecasting this figure to decrease from its previous reading. Traders will be paying close attention to today's announcement as a better than expected result may continue to boost the EUR in today's trading.