The first half of this week was very quiet in terms of top tier data releases from the Eurozone, with markets focusing on news from elsewhere. However, yesterday saw an increase in economic news from the bloc. Consumer sentiment figures were negtive (as expected) at -8.2.
The main event of the day was European Central Bank (ECB) President’s Mario Draghi speech. Although he did not reference monetary policy directly, he did blame overcapacity for the current low profitability of banks. The euro weakened against both the dollar and sterling after these comments.
Today is another busy day in terms of data releases. Purchasing Managers’ Index (PMI) data from many member states will be released throughout the day, with French and German manufacturing PMI and German services PMI being notable releases. The manufacturing and services PMI figures for the bloc as a whole will also be released. Any deviation from the expected results, especially for the higher-tier data, could move euro markets significantly.