The Euro is holding firm at the beginning of this morning's session with focus on July's Retail Sales for the Bloc. With Euro-Zone inflation having rose slightly last month, but still notably close to the ECB's target of 2%, bets of further rate cuts have cooled, with ECB member Isabel Schnabel stating on Tuesday that interest rates are in a position that allow the central bank to focus their attention elsewhere.
Retail Sales is expected to have grown by 2.4% on the yearly figure, which would undershoot retail sales in July last year. However, with inflation close to the 2% target it seems the European Central Bank are quite content. It looks for the time-being that a rate cut is now less than likely, which will only further support the Euro against other currencies.
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