The euro is up against the pound this morning, after comments from the UK government about the probability of a no-deal Brexit weakened the latter. The EU says that it’s not willing to reopen the issue of the Irish backstop, so any progress from both sides is, at the moment, looking very scant.
On Friday, the ECB released economic and financial development report for Q1 2019, highlighting that household debt-to-income ratio in the eurozone has decreased by 0.4% year-on-year, while net saving has remained more or less unchanged.
Today is relatively light on economic releases, although Spanish retail figures have just come in, showing a year-on-year increase, above market consensus. Tomorrow, we will see French GDP figures, German consumer confidence and inflation, and eurozone-wide business and consumer confidence, as well as economic, industrial and services sentiment. Wednesday will see eurozone GDP growth, flash inflation and unemployment figures. Later on in the week, we will also see German manufacturing figures and eurozone retail sales. All in all, it will be a busy week ahead.
