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Euro zone key events; Euro supported - BBH

FXStreet (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman broke down the key events in the EZ.

Key Quotes:

"Eurozone October flash PMIs surprised on the upside. Composite eurozone PMI rose to 52.0 vs. 51.5 consensus and 52.0 in September."

"Manufacturing came in at 50.7 vs. 49.9 consensus and services came in at 52.4 vs. 52.0 consensus. Looking at the country breakdown, Germany did better than expected in the manufacturing component, worse on the services, as the composite rose to 54.3 from 54.1."

"France, in contrast, saw all three components come below expectations, especially the manufacturing survey at 47.3 vs. 48.5 expected. With investors already positioned for weaker EU data, the better PMI helped the euro come off the 1.2600 area and move back above 1.2650."

"Separately, hawkish comments by Bundesbank President Weidmann may have helped too. Weidmann said that that the consensus in the ECB is that deflation risks are low."

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