The Eurozone consumer confidence and the ECB lending survey are in focus today as markets await Wednesday’s PMIs and the European Central Bank's decision on Thursday.

The direction of travel today for the pair will mostly be a consequence of whether Western stock indices will be able to keep the positive mood shown by Asian equities and FX. 

We still deem a sustainable rally to levels above 1.1000 as unlikely and do not see the ECB meeting as a game changer for the Euro.