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Flash: Draghi China speech supports EUR - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that ECB President Draghi spoke overnight in China ahead of this week’s ECB monetary policy meeting.

He sees that President Draghi noted that “there are a few signs of a possible stabilization” for the euro-zone economy and that the ECB’s “baseline scenario continues to be one of very gradual recovery starting in the latter part of this year. Hardman feels that the more optimistic comments are helping to support the euro in the near-term lifting EUR/USD back above the 1.30-level. Further, the main economic data release in euro-zone today will be the final PMI manufacturing surveys for May. He write, “They are expect to confirm that activity likely improved modestly although remain consistent with the euro-zone economy contracting modestly in Q2 for the seventh consecutive quarter. Stronger readings would help support the euro heading into this week ECB meeting where it remains a close call as to whether a second consecutive 0.25 point refi rate cut will be delivered.”

Germany: PMI Manufacturing up to 49.4 in May

German PMI Manufacturing rose to 49.4 points in May, from 48.1 points in April, according to data released today by Markit. The result is above market consensus of 49 points.
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EU Markit Manufacturing PMI (May): 48.3 vs 47.8 (April)

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