From Eurozone, yesterday, Current Account data was released. The current account of the euro area recorded a surplus of €25.4 billion in January 2016. Analysts were predicting surplus of €26.3 billion. This reflected surpluses for goods (€27.6 billion), primary income (€4.7 billion) and services (€3.6 billion), which were partly offset by a deficit in secondary income (€10.5 billion).The 12-month cumulated current account for the period ending in January 2016 recorded a surplus of €316.1 billion, compared with one of €254.5 billion for the 12 months to January 2015.
In the US session
Existing Home Sales figures were published.
Total existing-home sales dropped 7.1 percent to a seasonally adjusted annual rate of 5.08 million in February from 5.47 million in January, thus missing forecasts on decline to 5.34 million. Despite last month's large decline, sales are still 2.2 percent higher than a year ago. Lawrence Yun, NAR chief economist, says existing sales disappointed in February and failed to keep pace with what had been a strong start to the year.
From Eurozone, tomorrow, French and German Manufacturing and Services PMI figures will be released as well as German Business Climate and ZEW Economic Sentiment data. Analysts predict slight increase to 50.9 in German Manufacturing PMI and slight decline in Services PMI, while French PMI should remain unchanged. German Business Climate should rise to 106.1, while ZEW Economic Sentiment for Germany should edge up to 6.3, while Eurozone Sentiment should fall to 8.2. There will be no data releases in the US session.
Figures to watch:
French Flash Manufacturing PMI/ French Flash Services PMI (Tuesday 9:00)
German Flash Manufacturing PMI/ German Flash Services PMI (Tuesday 9:30)
German Ifo Business Climate (Tuesday 10:00)
German ZEW Economic Sentiment/ZEW Economic Sentiment (Tuesday 11:00)
