Not much economic data has been released in the Eurozone so far this week. Despite the lack of data, we’ve seen the single currency strengthen against the US dollar. The two main reasons for this are scepticism surrounding US President Donald Trump’s ability to push through pro-growth policies and French centrist Emmanuel Macron cementing his position as front-runner in the upcoming elections.
Yesterday, the European Central Bank released its monthly bulletin. It stated ‘incoming data, notably survey results, have increased the Governing Council’s confidence that the ongoing economic expansion will continue to firm and broaden.’ The ECB went on to say ‘surveys point to a robust growth momentum in the first quarter of 2017.’ This is positive news for the region.
More data is due out today. We’ll see the flash purchasing manager indices (first of two readings) for both the manufacturing and service sectors released later.