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EZ Data Beats Big; EURUSD Takes Out 1.2200; Is Risk Ready to Rumble?
Risk flows were clearly in control of the markets in Asian and early European trade today with the dollar broadly weaker and equities higher as positive European data helped lift the EURUSD through the 1.2200 barrier. EZ PMI printed far better than forecast with the composite number coming in at 49.8 versus 45.8 forecast within a whisker of the 50 boom/bust barrier level. According to Markit, “Eurozone business activity came close to stabilizing in December as stronger manufacturing output growth helped to counter a further drop in service sector activity. Encouragingly, future output expectations jumped to a ... (full story)