The euro remained mostly steady after the European Central Bank meeting yesterday. At the meeting, officials announced that they would be keeping interest rates the same, as expected.
In the press conference, President of the ECB, Christine Lagarde, said “incoming data and survey results suggest that economic activity improved significantly in May and June from its trough in April”. She added, however, that indicators remain “well below” pre-pandemic levels.
Data released yesterday showed that the Eurozone’s exports plunged 29.5% in May, led by lower sales of machinery & transport equipment. Meanwhile, imports slumped 26.7%.
Today, we can expect speeches from ECB officials, as well as inflation rate data. The European council meeting will also start today. Member states are expected to continue discussions surrounding the controversial coronavirus recovery fund.
