Consumer confidence data is due at the top of the hour
The consensus estimate for Eurozone consumer confidence at the top of the hour is -13.0. At this point, all economist estimates are basically guesses. If it hits the consensus that would be the worst since early 2015 but the range is wide. Estimates range from -7.5 (which would be above the Feb reading) and -25 which would be lower than the 2009 all-time low of -23.9.
As for the euro, expect to see a small market reaction. This is among the 'real-time' data points that markets are craving at the moment but they're completely overshadowed by real-time data on infections along with government/central bank stimulus measures.
The euro is trying to get above 1.08 and this could be what sparks a short-term make-or-break.
So what's the level to watch in the data? I think the market would take -13.0 as 'good' news. There is so much fear in the market that anything about -18 wouldn't be as bad as feared. But if we get to -20 or -25 then that's a painful signal about what's to come for the economy.
