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EUR Firm as Jan PMIs Hold Up Well

FOREX

Following an uneventful conclusion to the ECB rate decision yesterday, the EUR has made further progress this morning - rallying to touch 1.2190 against the USD as prelim January PMI data held up well for Germany and France. This helped nudge the Eurozone-wide manufacturing PMI further into positive territory and helped services beat expectations (albeit still below the 50 mark). EUR is the strongest currency in G10 so far, with EUR/USD narrowing the gap with 1.22.

GBP is softer following a raft of disappointing releases. The always volatile retail sales series missed forecast, with December sales growing only 0.4% on the month despite the proximity to Christmas. November was also revised sharply lower. PMIs followed suit, with both manufacturing and services metrics missing expectations. GBP/USD trades well below 1.37 again, but the week's lows of 1.3520 are still well away.

EUR is the strongest, alongside the USD and CHF this morning, while AUD, NOK and GBP perform poorly.

Focus turns to Canadian retail sales for November, prelim US PMI data and the existing home sales release for December. There are no central bank speakers of note.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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