020 7898 0500Yesterday morning saw the release of revised European Gross Domestic Product, which as expected remained unchanged from the flash figure of 0.3%. Retail Purchase Manufacturers Index (PMI) was also released and came in at 51.0, a significant improvement on last quarter’s figure of 48.9. The impact on the market was minimal, however, and the euro continued to trade weaker against sterling. In the afternoon, poor ISM non-manufacturing PMI from the US saw the euro gain just under a cent against the at levels previously seen over two weeks ago.
This morning, we expect low tier data from the Eurozone in the form of German industrial production (forecast to decrease by 0.1%) and French trade balance (forecast to decrease to -€3.7 billion). The impact of this data is likely to be minimal leaving the euro susceptible to higher tier data releases from the UK and the US.
