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Euro Going Nowhere

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Euro exchange rate going nowhere

The common currency advanced against its major peers yesterday after data indicated that the Euro zone and German manufacturing and services activity expanded at a faster pace for April, though the French manufacturing and services activity slowed more than expected. The mixed readings continue to highlight that the Euro area’s recovery still remains uneven thereby limiting the gains in the Euro.

The single currency is trading range bound once again, albeit on a firmer footing, against the major currency pairs in today’s trading session, after data released earlier today indicated that the German business climate and expectations unexpectedly ticked higher. However, the current situation reversed its previous trend and came in lower than expected for April. Meanwhile, markets keenly await speeches from ECB officials along with its President, Mario Draghi’s comments for further hints over the central bank’s monetary policy outlook and its forward guidance. Also, today’s US durable goods orders and jobless claims reports will have potential to alter investors’ risk sentiment.

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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