Over Easter, the euro had gained ground against the US dollar, even moving above the 1.10 level a couple of times. But come Tuesday, normality seems to have returned and it lost ground against both sterling and the US dollar.
However, economic data seems to be improving for the Eurozone albeit it can be patchy in nature. The Eurozone’s Purchasing Managers Index (PMI) for the Service Sector released yesterday increased for the fourth month in a row but the PMI for France fell to 52.4 for last month from 52.8 in February, expectations had been for it to remain the same.
Today we have important German Manufacturing data released, which is forecast to improve to 1.5% from -3.9%, Eurozone Retail Trade figures for February and French Trade Balance data.