EZ data recap: pointing to consolidation in the euro - Scotiabank

Analysts at Scotiabank explained that the Eurozone data revealed a modest dip in business confidence in the major economies, with Italian, French and German business/manufacturing confidence readings all falling slightly this month. 

Key Quotes:

"Germany’s IFO business climate survey fell from (revised) 103.3 in Mar to 102.1 this month (below calls for a dip to 102.8); the expectations component fell from 100 to 98.7 (versus 99.5 expected)."

"To some extent, good fundamental news is already reflected in the EUR and sentiment data slipping supports the outlook for a near-term consolidation in the EUR’s recent appreciation."