020 7898 0500Like the UK, data from the eurozone yesterday showed that the service sector had hit a fresh low. Against an expectation of 54.9, Markit’s PMI came in at 54.7 in August from 55.4 in July, a seven-month low. However, the eurozone is still in a healthy position; while growth slowed in Italy, France and Spain, it picked up in Ireland and Germany.
The euro slipped a little against sterling as investors look towards the big ECB meeting on Thursday. Traders are curious to see whether President Mario Draghi and the rest of the governing council will point to concerns regarding recent euro strength, not least as it threatens the competitiveness of exporters across the eurozone.
Today sees the release of several pieces of data across the eurozone, including German construction PMI and factory orders, and Italy retail sales.
