Tentatively positive US data enabled the euro to make marginal gains vs US dollar

The single currency rallied against the greenback yesterday to close the day up 0.3% at 1.4262.

• An overall chill in risk demand kept the euro near a two-week low against the dollar yesterday morning, with figures confirming a 0.1% quarterly contraction in the eurozone going relatively unnoticed in early trading.
  
• In the afternoon however, data emerged revealing a decrease in US crude oil inventories, raising the price of oil and putting selling pressure on the dollar.
  
• Additionally, the US saw tentatively positive data from factory orders and non-farm productivity, but analysts maintained that nervousness amongst traders prevented the euro from achieving stronger gains.
  
• In trading this morning, the single currency has continued to rise as European equity markets open marginally higher.
  
• The ECB will be releasing their latest interest rate decision at 12:45BST today which is widely forecast to remain at 1.00%, whilst in the US there are unemployment claimant figures due at 13:30BST.