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Euro is up against the pound this morning, with Eurozone economic sentiment figures expected to show an increase from last month. German figures, however, look to show a drop, in a less positive sign for the single currency zone’s largest economy. At the same time, the European Parliament is busy selecting the new EC President, with a vote this evening.

The likely new President of the European Commission, Ursula von der Leyen, has begun making her pitch to the blocs of the European Parliament before the ratification of her nomination. She told the liberal grouping yesterday that the EU would need to be more assertive in the world,

Meanwhile, in Brexit news, von der Leyen said she would consider an extension to the deadline, ‘should there be good reasons provided’. However, she also said that the ‘precious’ Irish backstop must be defended, while both UK candidates have recently declared that it must go or be changed. It all means that no-deal is looking more and more likely, despite the possibility of an extension. This morning, she will address the European Parliament in Strasbourg and a ballot vote will take place at 5pm. The results are expected at 7pm.

Tomorrow, we will see a number of important releases hat could impact the euro, including construction output and inflation rates for the eurozone. G7 finance ministers and central bank governors will also meet later today.

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