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20 Feb 2014
Flash: EUR/USD punished on European PMI's data - BBH
FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman explained the european data disappointments, pressuring the EUR/USD lower.
Key Quotes:
"Euro zone flash PMIs came in weaker than expected, with the composite at 52.7 against forecasts for 53.1. The manufacturing PMI came in at 53.0 (expected at 54.0) while the services PMI printed 51.7 (expected at 51.9)."
"The services PMIs for France and Germany were notably lower than expected at 46.9 and 54.7, respectively. The data will support speculation that further action by the ECB is forthcoming."
Key Quotes:
"Euro zone flash PMIs came in weaker than expected, with the composite at 52.7 against forecasts for 53.1. The manufacturing PMI came in at 53.0 (expected at 54.0) while the services PMI printed 51.7 (expected at 51.9)."
"The services PMIs for France and Germany were notably lower than expected at 46.9 and 54.7, respectively. The data will support speculation that further action by the ECB is forthcoming."