-
Euro drops to 7-week low, will PMIs surprise?
The euro is trading quietly at the start of the week, just above the 1.08 line. EUR/USD stabilized on Friday, after a 3-day skid which saw the euro drop as low as 1.0760, its lowest level since March 28th. Today features a very light data calendar, with only one release in Europe and none out of the US. Eurozone consumer confidence remains weak and was unchanged at -17 in May. Eurozone PMIs reflect divergence in services and manufacturing The eurozone releases services and manufacturing PMIs on Tuesday. These releases are indicative of the strength of these sectors. Since the end of Covid, we’ve seen a strong ... (full story)