The euro is slightly stronger against the pound this morning but weaker against the dollar after a disappointing data release this morning.
Retail sales in Germany contracted 5.5% month-on-month in April, reversing from a 7.7% increase in March and worse than forecasts of a 2% drop. Year-on-year, sales increased by 4.4%, which fell short of expectations of a 10.1% rise.
This disappointing data was mainly due to new lockdown restrictions introduced in the second half of April.
President of the European Central Bank, Christine Lagarde, will speak later today. She may comment on Eurozone annual inflation figure that was released yesterday, which came in at 2%, topping the ECB’s target of just under 2%.
