The single currency appears to have arrested its declines against USD, strengthening by 0.5% over the last few days. It continues to flatline against sterling.
On the data front, the week’s biggest item on the docket will be Germany’s balance of trade on Friday. Last time round, exports within Europe had dropped by around 6% and to China by 10%.
Before that, today we will be seeing unemployment data for much of Europe, where little is expected to have changed from last month’s 8.1%. Tomorrow is all about Markit services PMI, all expected to be firmly below 50 – a sign of a contracting economy – but with Europe’s biggest economies around 45.7.
