The euro had a positive day against the USD yesterday but remains around 1% weaker than in early August. Against sterling the euro is back to the levels we’ve seen since the middle of spring.
Yesterday’s economic data was broadly positive, with Markit PMI (a reliable indicator of business health) for Germany, France and the eurozone as a whole generally meeting expectations and showing strong signs of optimism among business leaders.
This morning we’ve already seen positive news on German GDP, which is up 9.4% on the year and tomorrow we’ll see the Ifo Business Climate indicator. A reading of over 100.5 will indicate that Germany is solving its pandemic business issues and powering out of the crisis, but that’s far from guaranteed.
