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Euro Remains Static

An unexpectedly soft German consumer price inflation report dragged the Euro lower against its peers in yesterday’s trading session. However, losses against the US Dollar were limited yesterday after data released in the US came in lower than market expectations. Meanwhile, data released earlier today indicated that Spanish inflation rose as expected for April. Going forward, today’s Euro area inflation data is likely to sway market sentiment, especially with yesterday’s German inflation data escalating the possibility of a lower than expected print from the common currency bloc.

Data released earlier today indicated that German annual retail sales unexpectedly dropped for March. However, the German labour market remained stable as the number of unemployed people in Germany dropped more than expected, while the unemployment rate remained unchanged for April. The single currency is range bound against the majors as the mixed data failed to provide direction to the common currency this morning. Meanwhile, a raft of important macro data from the US along with the Fed policy meeting outcome will be keenly eyed for further direction.

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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