Euro fights for dignity

The fate of the euro will hold markets enthralled this week following its worst weekly performance since its arrival at the beginning of 1999. With the currency seemingly unable to draw strength from any data, however favourable, it seem possible that one of a series of central bank meetings and crucial economic data releases in Europe and the US will send it below the 90 US cent level for the first time.

Royal Bank of Scotland: There should be few surprises in half year results from Royal Bank of Scotland, the new owners of Ulster Bank, due on Thursday after the board gave a clear indication of its likely performance in January.

Greig Middleton are expecting pre-tax profits of £695 million sterling, up a robust 31 per cent on the £530 million reported last time.

But while the figures themselves should hold no surprises, the market will be eagle eyed for any further hints on its integration of the NatWest business, including Ulster Bank, which it snapped up earlier this year.

Monday

Meetings: ASEAN economic and trade ministers meet (to Tues).

Indicators: US construction spending (Mar), NAPM (Mar) and car figures (Mar).

Others: Irish, British and major European markets closed for May Day bank holiday.

Tuesday

Results: Framfab (Q1), Incepta, Providence Resources, Securitas (Q1), Sika, Skanska (Q1), Sulzer Medica (Q1).

A.G.M.: Cairn Energy, Hawtin, ICC Bank, Millennium & Copthorne, Orchard Furniture, Perndragon Pittards, Singer & Friedlander.

Meetings: EU telecoms ministers meet (Brussels); EU junior tax ministers meet (Brussels); IAPF conference on The Irish Stability Fund Investment Issues (Jurys Hotel, Dublin).

Indicators: EMU purchasing managers' index (Apr); Irish Central Bank issues monthly figures (Apr) and Irish NCB PMI (Apr); French PMI (Apr); Italian PMI (Apr); German PMI (Apr); British PMI (Apr) and consumer credit (Mar); US leading indicators (Mar) and new home sales (Mar).

Wednesday

Results: Aker Maritime (Q1), Anglo Irish Bank (H1), Aspo (Q1), AT&T Corp (Q1), Christiania Bank (Q1), Metso (Q1), NetCom (Q1), Novo Nordisk (Q1), Terence Chapman (H1), Thus, Walt Disney, Westbury.

A.G.M.: CRH, Dencora, Dunloe Ewart, Mediakey, Meristem, Unilever, WSP.

Meetings: Bank of England monetary policy committee meets (to Thurs).

Indicators: EMU GDP (Q4); French consumer confidence (Apr); US factory orders (Mar), Beige Book and NAPM non-manufacturing (Mar).

Thursday

Results: Allied Domecq (H1), Amer (Q1), AssiDoman (Q1), Hochtief, Lastminute.com (H1), Luminar, Prowting, Royal Bank of Scotland (H1), Royal & Sun Alliance (Q1), Sandvik (Q1), ScottishPower, Shell (Q1), Whitbread.

A.G.M.: Admiral, British Aerospace, British Mohair, Cattles, Clinical Computing, Grafton, Johnson Fry Utilities, Bernard Matthews, Norish, Wilson Bowden.

Meetings: Irish Software Association lecture by Mr Samir Naji; Oireachtas Joint Committee on Finance and the Public Service.

Indicators: EMU purchasing managers' index - services (Apr), business survey (Apr), consumer survey (Apr) and unemployment (Mar); Italian industrial orders (Feb) and industrial sales (Feb); US housing completions (Mar).

Others: Bank of England monetary policy committee announces rates decision at end of two-day meeting; EU due to implement legislation on aircraft engine hushkits.

Friday

Results: Elcoteq (Q1), Epcos, Fortum (Q1), Industrivarden (Q1), Menire (Q1), Orion (Q1), Schering (Q1).

A.G.M.: T Clarke, Davis Service, EBC, Flomerics, Gowrings, Jardine Lloyd Thompson, Lasmo, Mallett, Prudential, Psion, Readymix, Scottish Media Group.

Meetings: European Free Trade Association celebrates 40th anniversary, with day-long seminar on future of the four-nation body and its relationship with the European Union (Geneva).

Indicators: EMU imports/exports (Jan/Feb), producer prices (Mar) and M1 data (Mar); Irish quarterly national household survey (Q1); US unemployment (Apr), average hourly earnings (Apr) and average working week (Apr) and consumer credit (Mar); German manufacturing new orders (Mar).