020 7898 0500Economic data continues to remain positive and keeps hopes of a revision in June’s European Central Bank (ECB) meeting alive.
The first reading of Spain’s GDP figures were released on Friday and posted a positive figure, thereby beating expectations. The economy grew at a rate of 0.8%. Meanwhile, the flash inflation figure also posted a number higher than expected at 1.9%. If data continues to remain on the upside (and we get a positive result from the second round of the French elections), then Draghi may well change the tone of the ECB toward tapering its quantitative easing (QE) programme.
Later this week we have some key data releases that could shape the direction of the euro. Today, Spanish manufacturing PMI is set for release. Tomorrow, the Spanish and German unemployment numbers are released. However, the biggest figure of the week is the first reading of the GDP.
