Yesterday saw a stream of manufacturing Purchasing Managers’ Index (PMI) data released from within the Eurozone. Germany saw the headline releases, with figures showing significant growth (as expected), with Italy, Spain, France and Ireland also releasing manufacturing PMI data. The bloc’s PMI data for the industry increased.
The euro strengthened significantly against sterling, but this was due to investors losing confidence in the pound after the UK Government’s timescale for triggering Article 50 was released. Meanwhile the euro finished slightly weaker against the dollar.
Today sees only Spanish unemployment and Eurozone Producer Price Index (PPI) data released. These are not top ticket data releases, and therefore will likely not have a large effect on the euro, unless there are significant changes to the expected figures. Lingering effects on sterling could have a knock-on effect on the euro.