As a continuation of last week’s theme, there is a lack of data to be released throughout the week ahead, market movements will be driven by consumer sentiment and of course the releases from across the pound and from within the bloc. Market participants will continue to dig deeper for clues regarding the referendum and the markets will be sensitive to the downside. Lower levels against the euro could be tested as we start the week marginally below the 1.25 (interbank) handle. We will have to wait until the end of the week before the first piece of discernible data is released with both manufacturing and industrial production numbers to be unveiled.
· The ripples from the horrific events Brussels were still effecting the markets last week as the victims were mourned and the markets took a moment before managing to gain any momentum, the euro starting the week slowly and struggling against its peers.
· Although household credit increased from 1.4% to 1.6% for February, it did little to change the general concern over a lack of domestic growth within the Eurozone.
· We witnessed a mixed bag of data when both consumer and business confidence releases dented any positive moves to be made by the euro.
· Thursday brought an end to an eventful month and quarter for the euro. German unemployment remained unchanged at record lows of 6.2%. The figure is all the more impressive when considering what is going on within the Eurozone as well as the present global economic slowdown.
The week ahead
We kick the week off with some high impact releases; the unemployment rate for the month of February is scheduled along with producer price index both year-on-year and month-on-month. These pieces of data are of course considered higher tier and a positive reading has the potential to enable to the euros recent Bull Run to continue. Tuesday we will see PMI figures released from a host of European nations and there is no rest for the wicked as Mario Draghi takes centre stage Thursday at the Portuguese President’s Council, in Lisbon, where he is Due to speak about the economic and financial situation in Europe. All in all, a big week for the Euro with the potential for new lows to be tested against the pound.
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