Euro ended the day yesterday with only small gains against the pound, although the latter was still strengthened by election optimism. Eurozone construction figures came in much worse than expected, entering contraction territory, instead of a predicted rise to almost 2%.
Today is also light on economic releases, although we will see the ECB’s financial stability review, and a speech from the Bundesbank’s Balz at 11:30. Tomorrow, we will see accounts from the ECB’s monetary policy meeting, as well as Spanish balance of trade figures and European consumer confidence flash data. Friday will be much busier, with a speech from Lagarde, the new President of the ECB, and Eurozone and German PMI figures for manufacturing and services.
