The euro held its gains in thin trading Tuesday, after a European Central Bank (ECB) official hinted at another wave of stimulus, while fears about China's economy dented the yuan. ECB executive board member Yves Mersch said policymakers have “by no means used up all our ammunition”, according to an excerpt from an interview with the International Bankers Forum. The possibility of more easing - which would tend to weaken the euro - comes after the ECB disappointed markets this month with the limited scope of its newest bid to revive the struggling eurozone economy.
As for tomorrow, Spanish CPI and M3 Money Supply data will be published. Spanish CPI is expected to rise by 0.1%, while M3 Money Supply should show decline to 5.2%. In the US session Pending Home Sales figures are scheduled for a release. Analysts are predicting 0.6% increase.
Figures to watch:
Spanish Flash CPI
M3 Money Supply
Pending Home Sales
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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