Eurocoin indicator: January 2020

€-coin returned to levels last recorded in February 2019, rising from 0.16 in December to 0.25 in January, while continuing to point to modest growth in the euro area, as it has since the start of 2019.

The indicator benefited mainly from a) the favourable trend in interest rates, which more than offset the persistent pessimism of manufacturing firms and b) from the positive signals coming from the trend in household spending.