The euro has made gains against the pound this morning, despite some poor data results, while weakening marginally against the US dollar.
On the data front, yesterday we heard that factory orders in Germany were fractionally down in April by 0.2%, but well below market expectations and last month’s 3.9% rise. This was partially blamed on April’s Suez Canal blockage.
This morning we have already seen a couple of poor results from the eurozone. German industrial production for April fell by 1% against an expectation of a gain of 0.5 to 0.9%, while France’s balance of trade figures were also worse than expected at €-6.24bn.
Investors will have plenty of data to analyse today, with eurozone employment, GDP and economic sentiment at 10am. It will all build towards the European Central Bank (ECB) interest rate decision on Thursday.
