Euro Zone Economy Continues to Expand

German Chancellor Angela Merkel arrives at the Bundestag for further exploratory talks with members of potential coalition parties to form a new government

"Capital flows have picked up in recent days into European risky assets from global investors and with Draghi sketching out a picture of low interest rates and strong growth in recent appearances, the euro's outlook is becoming robust", said Manuel Oliveri, an FX strategist at Credit Agricole in London.

"That should result in continued strength in industry in the final quarter of the year, adding to the possibility that our estimate for GDP growth in 2017 of 2.3% could still be too low", he said.

"Overall, the latest inflation figures show that the depreciation in sterling is still causing prices to rise faster than in recent years", said Azad Zangana, Schroders Senior European Economist, in a research note.

Strong German GDP buoyed European markets with the Euro Stoxx 50 (which tracks Europe's largest 5 companies) up 0.2 per cent to 3,581.41 and Germany's DAX up 0.24 per cent to 13,105.84.

The currency markets gained some direction from data releases Tuesday morning.

At 3.15 am ET, Switzerland's Federal Statistical Office releases producer and import prices for October.

The euro zone economy grew as expected in the last quarter, according to official data released on Wednesday.

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At 4.30 am ET, the Office for National Statistics is slated to issue United Kingdom consumer and producer prices for October.

At 5.00 am ET, Eurostat publishes euro area GDP and industrial production reports.

Furthermore, annual growth was seen rising from 2.3% in 2017 to 2.4% in 2018 as Berlin "engages in significant fiscal stimulus following the election".

The economy of Italy is seeing accelerating growth: 0.5% q/q, the highest since 2009.

In early London trades, the euro rose 0.3 percent to $1.1696, its highest since October 26, when the European Central Bank said it would extend its asset purchase program until at least September.

The German ZEW survey followed, reporting an increase in the economic sentiment measure to 18.7.

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