23 Sep 2013
Flash: EZ data and EUR/USD a mixed bag, 1.3500 to hold? - BBH
FXstreet.com (London) - EUR/USD is holding in on the 1.3500 area despite disappointing numbers that came out today for the EZ. Research teams at BBH offer their comments here.
Key Quotes:
“The main economic data for the euro area was also reported today. The flash PMI was mixed. Weakness was seen in manufacturing, but continued recovery was evident in the services. This helped lift the composite to new 2 year highs of 52.1. This generalisation is illustrated in both the German and French readings”.
“Germany manufacturing slowed to 51.3 from 51.8 in August. The market had expected a small gain. The service reading rose to 54.4, a new 7-month high, from 52.8”.
“France saw its manufacturing slip to 49.5 from 49.7. Economists had expected a push through the 50 boom/bust level. This is a four month low. On the other hand, the service sector reading rose to 50.7 from 48.9 and is a 20-month high”.
Key Quotes:
“The main economic data for the euro area was also reported today. The flash PMI was mixed. Weakness was seen in manufacturing, but continued recovery was evident in the services. This helped lift the composite to new 2 year highs of 52.1. This generalisation is illustrated in both the German and French readings”.
“Germany manufacturing slowed to 51.3 from 51.8 in August. The market had expected a small gain. The service reading rose to 54.4, a new 7-month high, from 52.8”.
“France saw its manufacturing slip to 49.5 from 49.7. Economists had expected a push through the 50 boom/bust level. This is a four month low. On the other hand, the service sector reading rose to 50.7 from 48.9 and is a 20-month high”.