The headline release from the eurozone was the flash consumer confidence reading for September 2018. It had been expected to fall to -2 from -1.9 in the previous month, but the actual figure came in at -2.9. It is the lowest reading since May 2017 and is slightly concerning, especially given how disappointing recent economic data from the eurozone has been. It will be hoped that some more positive data is forthcoming.
Still, the euro benefited from dollar weakness and climbed higher. It slid against sterling, which is as expected given the extremely positive retail sales data from the US. In light of yesterday’s releases, today’s schedule will be more interesting.
There is a raft of purchasing managers’ indices on the schedule for the eurozone today. We will see composite, manufacturing and services PMI for Germany and the eurozone. No major moves in either direction are expected for any of the releases.
