EUR weakened against other major currencies in the European session on Tuesday, as investors waited for economic data from the Eurozone later this week, which could shed light on the region’s economic health.
Later in the day, investors will receive flash data on consumer confidence for July. The indicator is expected to show the indicator rose to -13.2 from -14.0 in the previous month. This would mark the sixth straight monthly improvement in consumer sentiment.
Wednesday will bring the preliminary PMI figures for the region’s manufacturing and services sector. Economists predict that services activity in the euro area expanded at a slightly faster pace this month compared to July, while factory sector contraction reduced.
Meanwhile, investors digest the latest remarks from the ECB’s vice president Luis de Guindos, who signalled that the next interest rate move could be approved in September. The official noted that the policymakers will have another two months of data on inflation and underlying inflation by the September meeting, but stressed that the ECB’s new macroeconomic projections will be the most important. De Guindos’ comments echoed the views of several other policymakers.