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Euro Treading Water

Data released earlier today indicated that manufacturing and services activity expanded at a faster than expected pace in Germany and the Euro zone for April, leading the common currency to trade higher against its major peers this morning. However, manufacturing and services activity data in France came in lower than market expectations, thereby suggesting that economic recovery in the region remains uneven and fragile. Against this backdrop, tomorrow's German sentiment indices and the ECB President, Mario Draghi's speech will be keenly watched to ascertain whether any shift in the ECB's policy stance is required in the near future.

The Euro limited its losses against its major counterparts yesterday after data indicated that the Euro area consumer confidence rose unexpectedly to its highest level in six and a half years for April, hinting that the Euro area's tepid recovery might witness a turnaround in the coming months. Earlier yesterday, the ECB Executive Board member, Benoit Coeure, reiterated that the central bank has several instruments, including lowering key interest rates, which it might exercise if required to boost economic recovery in the region.

Key Economic Events

  • UK Markit Services PMI
  • UK Official Reserves
  • US Trade Balance
  • US IBD/TIPP Economic Optimism
  • US FOMC Member Stein Speech
  • Eurozone Markit Services PMI
  • Eurozone Markit Composite PMI
  • Eurozone Retail Sales
  • Eurozone EcoFin Meeting
  • Spain Unemployment Change

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