020 7898 0500The euro’s movement yesterday was dictated largely by news from across the Channel and over the Atlantic as the Chancellor in the UK delivered his Spring Budget and Trump sacked U.S. Secretary of State Tillerson.
The euro lost ground against a buoyant sterling, whilst strengthening against a weak US dollar on the back of the news that trump had ousted Tillerson and that CIA Director Mike Pompeo would be his replacement as Secretary of State. Rumours also started to spread that more major personnel shifts could be on the way this week
Outside of this, one of the members of the ECB stated that there is no concern on the current level of the Euro whilst also expressing his optimism that inflation should be hitting its target over the medium term.
The main event in Europe today will be the ECB President’s speech at the institute for Monetary and Financial Stability, in Frankfurt and investors will be looking for clues if the central bank will look to normalise its monetary policy in the coming months.
Outside of this, we also have German inflation data, Italian retail sales, European employment change and European industrial production data.
