The single currency struggled to capitalise on positive manufacturing data yesterday. The purchasing managers’ index showed that the sector was expanding at its fastest pace in six years, largely due to the weaker currency.
Manufacturers in Europe were able to gain market share within and outside of the Eurozone. Germany, Europe’s largest manufacturer, saw manufacturing figures hit a 71-month high.
Last week’s disappointing inflation figures kept the euro down. Reuters reported last week that sources close to the European Central Bank believed that the market had over-interpreted the ECB’s more positive tone and that interest rate hikes weren’t on the cards.
Today we’ll see Spanish unemployment data, which is expected to show an uplift by over 41,000. Following this are the region’s retail sales figures.