020 7898 0500Yesterday we saw German, French and Spanish manufacturing data come out below forecast, which was reflected in the less than impressive Eurozone figure. This represents a slowdown from the very strong growth recorded in this sector at the start of the year.
Italian manufacturing Purchasing Managers’ Index (PMI) data bucked the trend after a positive recording. Germany also saw unemployment change figures fail to meet expectations, before Consumer Price Index (CPI) data came in line with forecast.
Despite all this disappointing Eurozone data we did see the EUR strengthen against sterling but it did lose ground against the USD.
Today will be slightly slower in terms of data with a mainly Spanish focus, courtesy of Gross Domestic Product (GDP) and unemployment change figures, as well as a government bond sale. This is followed by Eurozone CPI data and the blocs unemployment rate, both of which are high impact releases. If there are any discrepancies in the expected figures, movement could ensue for the euro.
