A relatively uneventful day for the euro yesterday saw it hold flat or drift slightly lower against its two most-traded peers – the British pound and the US dollar. A raft of Purchasing Managers Index (PMI) figures from the services sector came in largely in line with forecasts. The Italian release was the only real disappointment, with the figures illustrating that the industry had shrunk month-on-month.
Looking forward to today, we have Spanish employment change data coming out this morning. Although the figures are viewed as a somewhat lagging indicator, they are a good signal of overall economic conditions, with the labour market being closely linked with consumer spending. Later on today we have European Union economic forecast figures – a tri-annual release that evaluates overall economic performance of the member-states.