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With the Euro dropping to a new two-decade low last month, the Eurozone will release several big reports this week. Could these reports provide some much-needed support to the pressured European currency?
Which economic reports to look for this week?
This week is packed with big economic releases from the Eurozone, with Services PMI and Retail Sales data due on Monday. Both the services index and retail sales have been on a decline. The construction PMI which is due to be released on Tuesday, fell to 45.7 in July from 47.0 in the previous month.
The much-awaited GDP and employment data are scheduled for release on Wednesday. Economic growth for the common bloc was revised lower to 0.6% in the second quarter, from a preliminary reading of 0.7%, while the number of employed persons increased slightly in the three months leading to June. Thursday will be a big day for Eurozone investors, with the European Central Bank all set to announce its interest rate decision.
What do analysts expect?
The European Central Bank is widely expected to increase interest rates at this week’s meeting. The central bank surprised the markets by boosting its deposit rate by 50 basis points to zero at its previous meeting. Experts predict a similar move at the September 8 meeting.
Some ECB policymakers, however, are considering a 75 basis point rate increase at the September meeting, despite rising recession concerns, given that the outlook for inflation is worsening.
The higher-than-expected rise in interest rates might provide support to the EURUSD pair, which has been under pressure amid recession concerns and the rising energy crisis. Upbeat economic reports from the region might also strengthen the shared currency of the Eurozone.
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