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FOREX: PMIs lend a hand as GBP, EUR favoured
-Despite this morning's PMI releases being final reads, they provided some
impetus for markets to bid up both GBP and EUR as the services sector fared
better than expected in Italy, Germany and the UK (France was inline). As such,
EUR/USD is staging a decent test on the $1.12 handle at writing (topped out at
$1.1190 so far) and GBP/USD is making a go at the Friday highs of $1.3160.
-Oil prices remain elevated but are off the highs (WTI and Brent futures up
1.5-2.0%) as tension between Iran and the US continues to dominate the front
pages. Equities across mainland Europe are lower by over 1% apiece, with US
futures off by a similar margin. The JPY is yet to pick up a major tailwind so
far today, however, with CHF in favour and pressuring USD/CHF to narrow the gap
with the %0.9647 December lows.
-The US PMI equivalent is due Monday, as well as Canadian raw material price
indices in a relatively quiet session. There are no central bank speakers of
note. US earnings season kicks off this week, with major names due including
Walgreens, Constellation Brands and Lennar Corp.