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Euro – European Markets

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The Euro currency exchange rates advanced against the US Dollar yesterday after the US Fed minutes indicated that policymakers still remain unclear over the timeline to hike interest rates, thereby echoing similar tones from Fed officials over the past month. Earlier, data indicated that the trade surplus in Germany unexpectedly narrowed for March as exports fell more than anticipated, thereby indicating that the pace of recovery in the Euro area’s largest economy remains fragile.

Meanwhile, the common currency is trading in a tight range against most its major counterparts this morning. Data released earlier today indicated that French consumer price inflation eased for March. This is likely to have a bearing on next week’s Euro zone consumer price inflation report, which is likely to confirm an easing trend in inflation in the region. However, following dovish comments from some ECB policymakers lately, investors will keep a tab on April inflation figures due later this month for further cues to risk appetite. Meanwhile, the ECB monthly report just released has highlighted the central bank’s worries over the low inflation environment prevalent in the Euro bloc.

Today's policy meeting may influence direction, though interest rates are expected to remain unchanged.

Key Economic Events

UK Markit Services PMI
UK Official Reserves
US Trade Balance
US IBD/TIPP Economic Optimism
US FOMC Member Stein Speech
Eurozone Markit Services PMI
Eurozone Markit Composite PMI
Eurozone Retail Sales

Eurozone EcoFin Meeting

Spain Unemployment Change

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