|08:00||Germany||IFO - Current Assessment ||April||95.4||96||95|
|08:00||Germany||IFO - Expectations ||April||91||91.5||92.2|
|08:00||Germany||IFO - Business Climate||April||93.2||94||93.6|
EUR firmed against other major currencies in the European session on Monday as investors pondered the size of the May interest rate hike by the European Central Bank.
Friday’s data, showing further construction in the Eurozone’s manufacturing activity and strong recovery in its services sector in April, as well as today’s report from Ifo, revealing only marginal improvement in Germany’s business sentiment, did not help determine whether the ECB will increase its rates by 25 basis points or 50 basis points at its next meeting.
Now, investors’ focus is on the Eurozone’s flash GDP data for the first quarter of 2023, which is set to be released on Friday and is expected to provide more insights into the state of the region’s economy and hint at the extent of the ECB's next rate move.