EUR: retail PMI better than expected as German construction PMI slip

It was a bit of a mixed day for the euro yesterday, as it made some gains against sterling, but some slight losses against the dollar. No matter – it has performed remarkably well throughout 2017 and one wonders what would have to occur for this change before the year is out. Perhaps the UK agreeing a deal with the eurozone could boost the pound, but it remains to be seen whether this will be achieved before the deadline.

The most notable release of yesterday was the retail purchasing managers’ index figure which came in above expectations. It was forecasted to reach 51.5, but it actually hit 52.4. German construction PMI came in at 53.1 against an expectation of 53.6 (although any figure above 50 shows growth).

Today’s major release for the eurozone is the GDP growth figures. It will be interesting to see how the eurozone has performed of late, so definitely one to watch.