020 7898 0500Yesterday saw lower tier data released from Italy and Finland, with Italian retail sales figures coming in worse than expected. However, the top tier data documenting German business sentiment came out better than expected. Positive German data, combined with European Central Bank (ECB) President Draghi suggesting that no ‘special favours’ should be given to Britain in terms of access to the single market after Brexit, led to the euro strengthening against sterling and also the US dollar.
Lower tier data from Germany, Italy and Finland will be released, as well as M3 money supply (the amount of currency in circulation) and private sector loan data for the bloc as a whole. It is unlikely these releases will have a significant effect on the markets unless they are significantly better or worse than expected.
