The 16-nation single currency completed yesterday's trading session with mixed results versus the other major currencies. The euro was broadly unchanged versus the GBP yesterday and closed its trading session at around the 0.8320 price level. The EUR did see bearishness as well, however, as it lost over 50 pips against the AUD and closed at 1.4450.

A leading indicator released yesterday from Europe was the German Trade Balance report. Germany holds the largest and strongest economy in the euro zone, and thus the relevant publications from this economy usually have a hefty impact over the euro. Data showed that German exports rose more than economists had forecast in June as the global recovery helped bolster an export-led expansion in Europe's largest economy.

Looking ahead to today, the most important economic indicator scheduled to be released from the euro zone is the French Industrial Production. Analysts are forecasting this figure to decrease from its previous reading. Traders will be paying close attention to today's announcement as a stronger than expected result may boost the euro in the short-term.