The eurozone started the week with slightly softer data than forecasted but it still posted an elevated level. For example, if it were not for the last two months the German manufacturing PMI would be reporting the highest level since 2011. The eurozone manufacturing PMI echoed the same sentiment. As a result, the effects on the single currency were more limited than they might ordinarily be.
Looking to the day ahead the German IFO data will be under the spotlight. This is a highly respected index due to its large sample size and historic correlation with the German economy and takes a view on the six-month outlook.