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Euro recovery starts trading again

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Euro Showing Signs of Recovery which causes millions of pounds to be traded in foreign currency

The just out European manufacturing PMI reports have confirmed the continued expansion in manufacturing activity in the region, although the largely upbeat numbers had little positive effect on the Euro, which continues to trade in a tight range this morning. While inflation in the currency bloc has continued to remain subdued, other gauges of the economy have shown a steady improvement of late. Against this backdrop, the ECB is likely to adopt a wait and watch approach towards introducing quantitative easing measures in the Euro zone in the near term. Later today, the Euro zone unemployment report and the US non-farm payrolls data will determine trading sentiment in the Euro-US Dollar pair.

With little on the domestic macro front yesterday, the single currency traded on a weaker footing against the greenback tracking mixed US economic reports. Moving forward, while the ECB is expected to stick to its policy stance for now, the monetary policy meeting scheduled next week will gain considerable market attention for cues about future policy stance.

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