Despite a lack of tier-one data releases in the Eurozone, the single-currency showed significant strength yesterday. There was a midday rally against sterling (though the trading day closed around the same level as it opened) and the euro made significant gains against the dollar. The smaller data releases from Ireland, Italy and the Eurozone (as well as French and Spanish bond sales) were still sufficiently positive that the euro’s rally continued.
Today sees German factory orders and retail sales, as well as French trade data (on imports, exports and the country’s current account and trade deficit). The bloc as a whole releases confidence and sentiment data (for both consumers and businesses). Taken on their own merits it would be difficult for this selection of releases to have a significant effect on the euro, but they continue to highlight the continent’s economic uptick.