Eurozone: Focus on German IFO and ECB Minutes – TDS

Analysts at TDS suggest that for Eurozone data today we get the German IFO survey for February and they're just slightly above consensus for current sentiment, looking for a small fall to 127.4 (mkt 127.9), but are more pessimistic for expectations, looking for a decline 107.2 (mkt 107.9).

Key Quotes

“This leaves us exactly on top of consensus for the headline business climate, looking for a 117.0 print. Shortly after midday we also get the ECB minutes, which will be watched closely after the substantial turn in market sentiment that was driven by the release of the December minutes last month. We think that it's too early for any of the conversation on altering the forward guidance, and that's much more likely to come at the March meeting when the ECB has new macro forecasts in hand. We will be watching though for any further discussion around the appreciation of the EUR into the January ECB meeting, as Draghi failed to convince markets to stop pushing the EUR higher from there.”