European Sentiment Continues to Rise

Sterling is having a relatively volatile morning today as Cable is currently trading at 1.5485, after having tested 1.55 earlier, and going on to reach a daily high of 1.5504 before dropping back down. Similarly Sterling has had a wide trading range against the Euro this morning, having dropped to 1.1583 following the release of positive EU economic data, however the pair then rebounded up to a high of 1.1626 before falling back.

German and EU ZEW Survey – Economic Sentiment figures both rose this month, reaching 48.2 and 42.4 respectively. This initially led to a Sterling sell off before the Pound recovered sharply against the Euro, however with these figures having now risen for the past three months we could see sentiment towards GBP/EUR turn back to the downside this afternoon.

Please find a summary of this week’s economic calendar below:
19.02.13
10:00 EU ZEW Survey – Economic Sentiment
10:00 EU ZEW Survey – Economic Sentiment

20.02.13
07:00 German Consumer Price Index
07:00 Producer Price Index
09:30 UK BoE Minutes
09:30 UK Claimant Count Rate
09:30 UK ILO Unemployment Rate
13:30 US Building Permits
13:30 US Producer Price Index
19:00 US FOMC Minutes

21.02.13
07:58 French Markit Manufacturing PMI
07:58 French Markit Services PMI
08:28 German Markit Manufacturing PMI
08:28 German Markit Services PMI
08:58 EU Markit Manufacturing PMI
08:58 EU Markit Services PMI
09:30 UK Public Sector Net Borrowing
13:30 US Consumer Price Index
13:30 US Initial Jobless Claims
13:58 US Markit Manufacturing PMI

22.02.13
07:00 German GDP
09:00 German IFO – Business Climate
09:00 German IFO – Current Assessment
09:00 German IFO – Expectations
10:00 European Commission Releases Economic Growth Forecast