European Session – Euro buoyed by PMI data, ECB in focus
December 4, 2013 1:38 pm
The euro gained against the dollar after a slew of mixed data out of the Euro zone today, while focus turns to the European Central Bank policy meeting tomorrow.
Services PMI data showed activity expanded in Germany and Spain but there was contraction in France and Italy. Other data showed Eurozone retail sales numbers were below forecast with a 0.2% decline despite expectations for a 0.2% increase.
The euro rose 0.14% to end the European session at 1.3598.
Sterling ended the session with a loss of 0.15% at 1.6365 after growth in the UK service sector slowed in November, breaking a run of strong data recently. The Bank of England policy meeting tomorrow will be a key driver for the pound.
The dollar fell 0.36% against the yen to 102.29 in the session as markets were being cautious ahead of the ADP jobs data due at 8:15 am New York time.
Focus will also be on GDP data on Thursday, while the all-important non-farm payrolls report on Friday will be the main risk event this week.
Strong US data will put more pressure on the Federal Reserve to begin tapering its stimulus program.
The Australian dollar fell to a three-month low of 0.9007 against the US dollar after Australia’s GDP came in below forecast in the third quarter. The Aussie stabilized by the end of the European session to bounce to 0.9036, up 0.06% in the session.
The euro gained against the dollar after a slew of mixed data out of the Euro zone today, while focus turns to the European Central Bank policy meeting tomorrow.
Services PMI data showed activity expanded in Germany and Spain but there was contraction in France and Italy. Other data showed Eurozone retail sales numbers were below forecast with a 0.2% decline despite expectations for a 0.2% increase.
The euro rose 0.14% to end the European session at 1.3598.
Sterling ended the session with a loss of 0.15% at 1.6365 after growth in the UK service sector slowed in November, breaking a run of strong data recently. The Bank of England policy meeting tomorrow will be a key driver for the pound.
The dollar fell 0.36% against the yen to 102.29 in the session as markets were being cautious ahead of the ADP jobs data due at 8:15 am New York time.
Focus will also be on GDP data on Thursday, while the all-important non-farm payrolls report on Friday will be the main risk event this week.
Strong US data will put more pressure on the Federal Reserve to begin tapering its stimulus program.
The Australian dollar fell to a three-month low of 0.9007 against the US dollar after Australia’s GDP came in below forecast in the third quarter. The Aussie stabilized by the end of the European session to bounce to 0.9036, up 0.06% in the session.
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