Ekonomické zprávy

European session review: EUR rebounds after Thursday’s plunge

TimeCountryEventPeriodPrevious valueForecastActual
07:45FranceIndustrial Production, m/mDecember2%0.2%1.1%
08:50FranceServices PMIJanuary49.549.249.4
08:55GermanyServices PMIJanuary49.250.450.7
09:00EurozoneServices PMIJanuary49.850.750.8
09:30United KingdomPurchasing Manager Index ServicesJanuary49.94848.7
10:00EurozoneProducer Price Index (YoY)December27%22.5%24.6%
10:00EurozoneProducer Price Index, MoM December-1%-0.4%1.1%

EUR rose against most of the other major currencies in the European session on Friday, rebounding after Thursday’s plunge, which reflected markets' response to the unclear European Central Bank’s tightening plans after March.

The ECB raised its key rates by 50 basis points yesterday and pledged to stay the course in raising interest rates significantly. At the same time, the central bank also revealed an intention to evaluate its further policy path after another similar move next month. Markets interpreted the ECB’s plans as hints that it might either slow the pace of its rate hikes or even stop the policy tightening after the March meeting. Commenting on the ECB’s statements, its president Lagarde also provided no clarity on the possible rate actions after March. This only bolstered speculation of a dovish pivot.  

The single European currency slipped against the pound but rose against the rest of its major rivals.

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