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EUR Off the Mat as PMIs Improve

FOREX
  • The single currency is among the session's best performers so far Tuesday, with the EUR improving on the back of a set of better-than-expected PMI numbers across the continent. Prelim data showed growth was higher than expected across both manufacturing and services sector in France and Germany.
  • This puts EUR/USD back above 1.1250 ahead of the NY crossover and thereby off the new YTD lows printed in early Asia-Pac hours at 1.1226. There's little evidence of a sustained bounce at present levels, with markets needing to top 1.1307 before indicating any further recovery.
  • Elsewhere, markets are more mixed, with CAD, NZD and NOK among the session's worst performers as commodity markets trade more subdued. WTI and Brent crude futures are off over 1.5% on the day, possibly in anticipation of a coordinated release of oil reserves from some of the world's largest consumers at some point today.
  • US prelim PMI takes focus going forward, with both the manufacturing and services sector seen improving from the October read. Both sectors are seen growing at a decent clip, with the data seen holding just below 60.0. The speaker slate picks up, with BoE's Bailey, Cunliffe and Haskel all due as well as BoC's Beaudry and ECB's de Guindos.
  • Lastly, President Biden speaks directly on the US economy and inflation at 1400ET / 1900GMT.
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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