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In the aftermath of upbeat German PMI figures, data released yesterday indicated that German Ifo business climate and expectations indices rose unexpectedly for April, thereby suggesting that the Euro zone’s largest economy remains resilient to external shocks. However, gains were capped after Mario Draghi, the ECB President, reiterated that the central bank is open to asset purchases in order to overcome the prolonged period of low inflation plaguing the currency bloc. Against this backdrop, consumer price inflation figures from Euro zone economies next week will provide guidance over the stance that the ECB might adopt in the future.

Meanwhile, the Euro is trading in a tight range yet again against its major counterparts this morning, with the upside limited due to escalating tensions in Ukraine. With no major domestic macro reports today, the Euro-US Dollar investors will keep a close watch on the FOMC meeting and economic releases from both sides of the Atlantic next week for further direction. Apart from inflation numbers in Europe, German retail sales and the Euro area and German unemployment figures are among the key economic releases that will be closely watched by investors.

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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