Yesterday saw lower-tier data releases from Finland, Italy and Spain. France also released its unemployment figures, which showed a slight reduction in the jobseekers claimant count. Germany released the most interesting data, with German Business Expectations, Economic Current Assessment and the Ifo Business Climate all coming out better than expected. Mario Draghi made a speech later in the day.
The euro perked up slightly against the dollar due to the above data, but also weakened against the dollar, in a day of volatility. The single currency made significant gain against sterling, due to a combination of a speech made by Bank of England (BoE) Governor Mark Carney and the recent trend of strongish data coming from the Eurozone.
Today sees more German data, with import price data and the GFK consumer climate due. Also in view will be data on French Consumer Confidence, Italian Retail Sales and a German bond sale. Despite a relatively busy day, none of these releases in isolation should have a significant effect on the market. If they continue to show an improved performance of the Eurozone’s economy, the euro could benefit.