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EUR Hit from All Sides – ECB, PMIs, Good US Data
The euro was hit from all sides today. First, German PMIs were mixed with the data showing improvements in the manufacturing sector and deterioration in services. Later on, the Eurozone PMIs confirmed that the region as a whole grew at a slower pace due to a continued contraction in manufacturing and slower expansion in services. In between, ECB President Christine Lagarde described the global economy as marked by uncertainty and called for Europe to develop a new policy mix that includes fiscal stimulus. This suggests that regardless of her bias for monetary policy, she feels that the Eurozone needs more policy ... (full story)