This week was light on Eurozone data releases, with German Economic sentiment data released on Tuesday, which came in significantly worse than expected, as well as a range of inflation figures from the Eurozone yesterday.
The most significant of the inflation figures was in the form of Consumer Price Index (CPI) data, which came out at 0.2%, as expected. Other interesting figures were the core CPI, which rose, and the Eurozone’s balance of trade, which saw a slight improvement. The lack of any surprise data contained in the releases meant that the euro was not significantly affected by events from within the Eurozone. A hint at a future interest rate cut from the Bank of England (BoE), however, drove the euro to strengthen slightly against the pound.
Today sees employment data released for the Eurozone, including data on wages and a labour cost index. If this data comes sees any deviation from predicted levels, it may affect the euro. However, the releases are not key economic indicators, so any movement of the euro is more likely to be as a result of events elsewhere.