| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:45 | France | Industrial Production, m/m | January | 0.4% | -0.3% | -1.1% |
| 08:55 | Germany | Services PMI | February | 47.7 | 48.2 | 48.3 |
| 09:00 | Eurozone | Services PMI | February | 48.4 | 50 | 50.2 |
| 09:30 | United Kingdom | Purchasing Manager Index Services | February | 54.3 | 54.3 | 53.8 |
EUR weakened against most of its major rivals in the European session on Tuesday as investors prepared for an announcement of the interest rate decision by the European Central Bank later in the week.
The euro area’s latest macroeconomic releases, showing a further easing of inflation and the weak state of the Eurozone’s economy heaped pressure on the ECB to start unwinding its tight policy position.
However, the ECB’s upcoming meeting is not expected to deliver the first interest rate cut but only updated economic projections and hints at the next moves. June is seen as the most likely month for the first rate reduction.
If markets interpret the ECB’s policy statement and its president Lagarde’s comments as dovish-sounding, the single currency may come under pressure.