The single currency showed little signs of excitement yesterday in a day with plenty of low-level data for the markets to investigate.
German producer prices (PPI) fell sharply for the sixth month in a row, but French business confidence tracked downwards slightly. The biggest surprise was the euro area balance of trade, which showed a huge surplus of €4.6bn – its first surplus since September 2021.
However, we have just heard flash readings for PMI in the eurozone economies, with Services PMI in France and Germany far ahead of expectations at 56.3 and 55.7 respectively. Manufacturing in Germany will be more of a worry (for German policymakers anyway), at just 44. A reading below 50 shows that businesspeople surveyed had negative expectations.
Next week starts with the Ifo Business Climate reading for Germany.
EUR/USD past year
