(MENAFN– ecpulse) European markets are in for a busy day, with major fundamentals scheduled to be released on by the world`s largest economies. Eurozone confidence data, Germany’s preliminary data on consumer inflation will be closely examined by market player’s on Tuesday.
Focus shifts to a busy European agenda today, as traders continue to anticipate the economic progress in the single-currency bloc. First class confidence reports for the Eurozone are expected to show the overall sentiment status across euro markets brightened in April.
- Business Confidence likely rose to 0.42 vs. 0.39 a month ago
- Economic Confidence probably edged up to 102.9 vs. prior 102.4
- Industrial Confidence probably eased to -3.1 vs. -3.3 in April
- Consumer Confidence likely unchanged at -8.7
- Services Confidence expected at 4.8 vs. 4.2 a month earlier
Generally, any improvements recorded in confidence levels could be a reflection of some of the recent positive data, while the prevailing pessimism remains over the Eurozone economic conditions, and Ukraine’s ongoing political tension.
U.S. Announces New Sanctions on Russia
The United States has announced further sanctions against seven top Russian officials with links to President Vladimir Putin, including freezing their assets and banning them from obtaining U.S. visas, while the European Union (EU) added 15 more Russians and Ukrainians to their blacklist and will reveal them today.
The U.S. and the EU also threatened to impose more economic sanctions on key sectors of Russia`s economy if there is evidence of further Kremlin involvement in the unrest in eastern Ukraine.
Furthermore, Moscow voiced concerns on Monday over an unprecedented increase in U.S. and Nato military activity near Russian borders. The US said it deployed extra troops in Eastern Europe to reassure Nato allies.
German Annual Inflation Set to Fall in April
Investors will also be anticipating preliminary inflation data from Eurozone’s largest economy, Germany, with annual Consumer Price Index (CPI) seen falling 0.1 percent in April, while annual CPI is seen up to 1.4 percent.
Further positivity of the euro area sentiment indicators will surely offer more support for investors, with hopes running high for Germany to take the economic wheel amid signs of improvement, hopefully to be reflected today.
The euro continued its rally to the upside driving the EURUSD pair to trade around $1.38666, after opening at $1.38391 while recording the highest level of $1.368714 and lowest of $1.38596.
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