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On what was an extremely quiet day for the eurozone and economic data, the President of the European Council, Donald Tusk, wrote a letter to EU governments in which he said that Brexit is more complicated than expected. Tusk also said that the EU must begin preparing for a no-deal scenario in Brexit negotiations and that a no-deal is now more likely than ever before. He has invited Theresa May to address the remaining 27 member states on Wednesday night.

The ZEW economic sentiment indices from Germany and the eurozone will be released today. Both have been performing extremely poorly of late, so it will be interesting to see if the readings can stage a recovery. The forecasts predict that both will actually worsen. We will also see the balance of trade figures from the eurozone in August.

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