A look at the numbers just released:

Eurozone Economic Confidence (May) M/M 89.4 vs. Exp. 89.4 (Prev. 88.6)
Eurozone Industrial Confidence (May) M/M -13.0 vs. Exp. -13.0 (Prev. -13.8)
Eurozone Consumer Confidence (May F) M/M -21.9 vs. Exp. -21.9 (Prev. -21.9)
Eurozone Services Confidence (May) M/M -9.3 vs. Exp. -10.6 (Prev. -11.1)

The business climate indicator is notable in that it is better than expected.

"EUR not really reacting to slight improvement in sentiment indicators in May after all they are still mired in negative territory," say Forex.com in the wake of the data.

Past 24 hours for the euro exchange rate

"Yesterday, the EUR strengthened 0.79% versus the USD, to close at $1.2947, as consumer price inflation rose in Germany curbing expectations over further monetary easing by the European Central Bank," says a morning currency briefing from Guardian Stockbrokers.

"EUR/USD jumped to $1.298 from lows in the $1.284 region, as it reacted to comments by the OECD calling for the ECB to take more action to lift the eurozone economy out of recession.  There was also some fairly encouraging German CPI data, but a disappointing German unemployment change reading was enough to keep hopes of further stimulus alive. It certainly seems like the momentum for the single currency is to the upside, with a barrier in the $1.30 region," says Stan Shamu at IG Index in Melbourne.