On Tuesday the euro benefitted from the European Commission increasing its growth forecast for the Eurozone this year; its quarterly forecasts now expect the European economy to grow to 1.5% in 2015, compared to the February prediction of 1.3%. The European Commission also revised its forecast for inflation this year to 0.1%, compared to the previously forecast -0.1%.
Despite this positive news, the single currency remains under pressure following reports that the International Monetary Fund (IMF) has begun to force the Eurozone to cut Greece’s debt burden.
Today we have the Composite and Services Purchasing Managers’ Index figures for the Eurozone. Both are expected to be steady for April when compared to March and both indicating expansion. Retail sales will follow at 10am.