The single currency made gains against the greenback yesterday, though is down marginally so far today

After sliding against the greenback yesterday morning, the single currency recovered to close the day up 0.3% at 1.4615.

• In early trading, the single currency relinquished its gains to a broadly stronger dollar as falling global stocks spurred profit taking and the US and China became embroiled in a trade related dispute.
  
• President Obama announced tariffs on certain Chinese imports over the weekend which acted as a catalyst for a dollar rebound, but analysts said that the move was unlikely to lead to a trade war, with the rebound itself proving relatively muted.
  
• Indeed just before the US markets opened, the single currency jumped up over half a cent in less than half an hour posting a nine-month high of 1.4650, with analysts expecting it to continue pushing higher.
  
• The pairing are trading steadily this morning around yesterday’s closing price as investors remain cautious of taking bold positions ahead of important US data due later today.
  
• Improved data on US retail sales and the Empire State manufacturing index, both released today at 13:30BST, could help return risk sentiment to the market, driving the dollar lower.