020 7898 0500European data released yesterday impressed, but in the grander scheme we saw little price action in the markets. Euro zone retail sales rose more than expected in July, posting the largest monthly increase of the year. Meanwhile, a host of service sector PMI’s also hit the wires which beat market estimates, although we saw a slight slowdown from the most the significant member, Germany.
The key event of the week for the region will be the ECB meeting on Thursday. Data from the region has continued to be lacklustre and points to the region lacking any real forward momentum, whilst inflation continues to bump along the bottom. It is obvious that the outcome of the “Brexit” has not helped matters and will more than likely lead to a cut in the growth forecasts. With this in mind the there is also a chance of some additional stimulus measures either being announced or signposted at this meeting.
ECB President Draghi has been known to surprise the market in the past, so participants will be on red alert for unexpected actions.
If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
