Yesterday saw a limited amount of data released in the Eurozone, but it showed a positive direction. An improvement in Eurozone Gross Domestic Product (GDP) was followed by a dramatic jump in German Factory Orders – they were expected at 0.6% and actually came in at 4.9%, one of the largest increases ever recorded. Despite the positive nature of the data, the euro (EUR) weakened slightly against the dollar (USD) – but it is still significantly above its recent lows – and remained relatively stable against the pound (GBP).
Today sees an increase in activity within the bloc; however, it still lacks any truly significant data releases. German Industrial Production figures are the highlight, with less important economic figures also coming out of Italy and France – as well as German and Spanish bond sales. Tomorrow we have the announcement from the latest European Central Bank meeting which could see it taking action following the recent No vote in Italy.