Yesterday the euro continued to fall, and this morning it continues to weaken against both sterling and the dollar despite Germany’s latest PMI data beating market expectations. Figures were expected to fall to 47.8 from 49.3 but came in at a more optimistic 49.8.
Data on Germany’s 10-year Bund Auction will be released today. ECB board member Isabel Schnabel said that “the central bank’s inflation outlook has not improved since the July 50bps rate hike”.
Tomorrow, eurozone market watchers can expect more big data from Germany as the Ifo Business climate data will be announced. The business climate indicator is expected to fall again, this time from 88.6 to 86.2.
