The euro was up against the dollar and the yen during trading this morning (November 9th) amid renewed hope in the prospects for global economic recovery.Bloomberg reports that confidence was boosted ahead of a raft of data due out this morning which was expected to show signs of further strengthening in the Eurozone economy.Analysts polled by the news agency were anticipating a one per cent expansion in German industrial productivity during September, marking the second month of gains.The latest German trade balance survey and Sentix investor confidence survey were also expected to record gains this morning.However, Daily FX has this morning issued a bearish fundamental forecast for the euro, describing it as the "chameleon of the currency market"."The world's second most liquid currency doesn't have the kind of influence that can overcome volatility and trends that emanate from the partner in its various pairs," said in-house analyst John Kicklighter.