020 7898 0500There have been many underwhelming pieces of economic data from the eurozone so far this year, but last week did much to lift the mood. A raft of purchasing managers indices were released in Germany and across the eurozone on Friday. In Germany, composite, manufacturing and services had been expected to come in at 53.4, 56.2 and 52.1 respectively, but the actual figures were 54.2, 55.9 and 53.9. So, all in all, a bit mixed.
However, in the eurozone as a whole, the figures had been forecasted to come in at 53.9, 55.0 and 53.7 respectively, but they either equalled or smashed forecast by coming in at 54.8, 55.0 and 55.0. The releases helped boost the euro which made some gains against sterling and the dollar to post a fine end to the week. Still, Trump’s latest threat will have dampened spirits somewhat and it remains to be seen exactly what will happen next.
Today is relatively quiet, although we’ll see the German business climate for June. There are no significant releases after that until Thursday, when business confidence and economic and industrial sentiment figures are released, as well as the German inflation rate.
