The euro lost ground to the US dollar yesterday, giving back some of Monday’s gains as Fortis Bank confirmed a €20.6bn loss for 2008 following write-downs on debt and the breakup of the business, while German manufacturing sales slid a record 23.3 percent in February compared to a year earlier.
Sentiment was also undermined yesterday afternoon by the release of worse-than-expected Retail Sales figures in the US, which overshadowed better-than-expected earnings reports from Johnson & Johnson and Goldman Sachs and halted the earlier rally on Wall Street.
There are several significant announcements taking place in the US today, including the Consumer Price Index, NY Empire State Manufacturing Index, Net Long Term TIC Flows, NAHB Housing Market Index and the Fed’s Beige Book. There are no announcements due from the eurozone.
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