Buoyant EUR defies dire data -Manufacturing...>

FOREX: Buoyant EUR defies dire data

-Manufacturing PMI figures from Europe this morning disappointed in Germany,

Italy and Greece, while French and Spanish PMIs just managed to keep their heads

above water - reinforcing the message from ECB's Weidmann yesterday that ECB

policy will take 'years' to normalise. Nonetheless, EUR continues to claw back

yesterday's losses, helping tip EUR/USD back above $1.1450. Eurozone CPI proved

supportive, with core CPI coming in 0.1ppts above expectations at 1.1%.

-At the other end of the scale, GBP is the poorest performer in G10 as the

underlying details of UK manufacturing data paint a poor picture of confidence

in the UK: factories stockpiled goods in January at the fastest pace since PMI

records began in 1992, showing UK manufacturers to be at their most fearful of a

disruptive Brexit since the process began. GBP/USD touched the week's low on the

news.

-All eyes turn to the US jobs report, expected to show the US added 165k

(whisper 186k) jobs in January. US ISM Manufacturing and final January Uni of

Michigan data is also due.