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1 GBP = 1.11822 EUR

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1 EUR = 0.89379 GBP

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Euro is a Good Buy

Services activity in most of the European nations expanded more than expected for April, leading the Euro to move marginally higher against the greenback yesterday. Furthermore, the Euro zone monthly retail sales climbed for March, thus indicating that recovery in the currency bloc is slowly gaining traction. However, the euro is languishing at the lower end of recent levels and remains a good buy.

The single currency is trading in a tight range against both the pound and the US Dollar this morning as risk appetite among investors remained subdued due to heightening geopolitical tensions in Ukraine, which has raised the possibility of a civil war. With no major macroeconomic data across Europe today, investors will keep a tab on Janet Yellen’s testimony for further direction. Additionally, market participants will remain on the sidelines ahead of the ECB monetary policy outcome tomorrow, especially after the OECD urged the central bank to act soon to combat low inflation prevailing in the region.

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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