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Weaker Euro-area PMI weighs on markets – BBH

FXStreet (Barcelona) - Mark Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the Euro-area PMI for November came in lower than expected, driven by a set of disappointing German prints.

Key Quotes

“The area’s composite reading fell to 51.4 compared with a small increase to 52.3 expected. Germany’s readings fell to 50.0 (exp. 51.5) in the manufacturing side and 52.1 (exp. 54.0) in the services side.”

“The data showed that Germany’s weak Q3 data is carrying on to the end of the year. France’s readings were a bit more mixed, but the composite reading also disappointed at 48.4 (exp. 48.7).”

“The euro gave back some its recent gains after the data, but failed to break below the $1.2500 level.”

“Sterling gained back some ground after better retail sales, but at $1.5670, it remains well within recent ranges. The dollar reached a high of ¥118.98 against the yen but has since eased to ¥118.30.”

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