020 7898 0500This week has seen many data releases from the Eurozone, including German business sentiment coming out better than expected on Monday. Alongside of this, European Central Bank (ECB) President Mario Draghi’s suggested that Britain would receive no ‘special favours’ from the EU and that the EU’s banking system was overcrowded.
Yesterday was a busy day in the Eurozone, with plenty of data released. German unemployment figure came out worse than expected, but Spanish and German inflation data beat market estimates. The Eurozone also saw the ongoing problems with its banking sector continue, as Commerzbank announced staff cuts and suspended dividends for its shareholders to add to Deutsche Bank’s ongoing issues.
Despite the mixed data releases and the ongoing political and banking issues, the euro actually saw some strength. This was due to mixed economic figures and uncertainty in other markets.
Today sees the release of Consumer Price Index (CPI) figures from France, Italy and the Eurozone bloc in general. Spain and Italy also see lower-impact data released. The remaining data releases are all lower tier, and substantial swings from the expected results will be needed to have significant effects on the currency.
