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Fundementals are weak for the euro - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the fundamentals in the euro are weak and support further EUR weakness.

“Today’s Eurozone manufacturing PMI release dropped to the lowest level in over a year, at 50.3, with both output prices and input costs falling."

"Germany’s manufacturing PMI surprisingly dropped into contractionary territory at 49.9; France’s was stable at 48.8; while Spain and Italy rose to two month highs of 52.6 and 50.7, respectively. Leading into Thursday’s ECB meeting the underlying deterioration in the outlook for growth and inflation in the Eurozone is concerning. EUR’s 9% drop since May will help to offset some of the pressure; however the vulnerability of the Eurozone to further currency depreciation seem increasingly obvious."

USD/JPY comes with upside risk - Scotiabank

Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the outlook for both sectors dipped lower, leaving the report as fairly mixed.
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EUR/GBP approaches 0.7800

The euro managed to erased losses versus the pound but is still under pressure ahead of the European Central Bank (ECB) meeting. Weak data from the Eurozone pushed EUR/GBP to the downside on Wednesday but managed to hold above yesterday’s lows.
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