The euro ended last week down against the pound, after a disappointing week of economic data. On Friday, eurozone growth figures reached a seven-year low, while German quarterly growth stagnated at 0, below market expectations. There had been hopes of a German rebound, but these did not materialise. France, despite the efforts of President Macron to revitalise its business sector, was in contraction territory at -0.1%. The same held for Italy, at -0.3%.
Today is light on data, with the markets likely still digesting the last week’s news. Later on in the week, we’ll see German consumer confidence, a range of services and manufacturing PMI, as well as the ZEW economic sentiment index for Germany tomorrow.
