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In the Asian market on Tuesday, the EUR/USD was trading near 1.0760, interrupting the four-day rising trend. However, Eurozone Purchasing Managers Index (PMI) data released on Monday was stronger than expected, providing support for the euro. Later on Tuesday, retail sales data will be released during the upcoming European trading session. The data will provide a signal about the short-term performance of the retail sector, which contributes about 5% to gross value added in euro zone economies.
According to Bloomberg on Monday, European Central Bank (ECB) Chief Economist Philip R. Lane said that recent euro zone data strengthened his confidence that the inflation rate will return to the 2% target, thus raising the possibility of starting an interest rate cut in June. possibility.
In an interview with Spanish newspaper El Confidencial, Ryan pointed to a consumer price report last week that showed price pressures on services had eased for the first time since November. Ryan described the development as “an important starting point for the next phase of lowering inflation.”
Hamburg Commerzbank’s euro zone services PMI rose in April, showing the strongest growth in nearly a year and exceeding initial expectations. Demand growth played a major role in the rise in output, with new business expanding at the fastest pace since May last year.
