It's PMI day in Europe
Happy Friday, everyone! Hope you're all doing well as we move towards the European morning session ahead. The pound is once again the currency in focus as it recovers slightly off overnight lows with the EU granting two alternative dates for a Brexit extension.
Looking ahead, expect more Brexit headlines to come about but the big question now will be can May shore up enough support to pass a third meaningful vote next week? The odds are still stacked against her and chances are slim of her being able to do so.
Besides that, there's preliminary March PMI data to come from Europe but given the ECB's recent stance the data releases here shouldn't have too much of an impact on the euro.
0815 GMT - France March flash manufacturing, services, composite PMI
0830 GMT - Germany March flash manufacturing, services, composite PMI
0900 GMT - Eurozone March flash manufacturing, services, composite PMI
With the ECB reiterating that they will stand pat for the rest of the year, it's hard to imagine 1H 2019 data as being anything that will significantly change rate hike expectations/pricing. Given that backdrop, positive data here bodes well for the region in the big picture but it needs to stay that way in the coming months for the euro to sustain any solid rallies.
0900 GMT - Eurozone January current account balance
Prior release can be found here. A general gauge of flows in/out of the Eurozone economy. Not a major release by any means.
The BOE is also due to publish its quarterly bulletin for Q1 at 1200 GMT, though depending on the topics covered it could be nothing related to monetary policy. That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!
