There were no major economic data releases from the eurozone yesterday, which is perhaps why the euro lost some ground against both sterling and the dollar. Having said that, the dollar was always going to benefit from ongoing trade tensions, safe haven that it is. Today could see some more significant euro movements, though in which direction is currently anyone’s guess.
It is extremely busy on the economic data front for the eurozone today, with composite and services PMI from Germany and the eurozone on the schedule. We will also see retail sales for the eurozone in July; year-on-year it is expected to climb from 1.2% to 1.3%, but month-over-month the markets are expecting a dip to -0.2%.
