The Markit PMI data in Europe showed a still struggling services sector in November, while the manufacturing figures are improving more than expected, contractionary though. The Composite data remained pretty unchanged.
Also, after Cyprus President Christofias announcing the imminent bailout agreement with Troika, finance minister Shiarly confirmed that the amount should be around €17.5B, but talks are still ongoing.
Spain sold €3.9B of 2015, 2017 and 2022 debt with mixed results. “Today's auction supports the idea that Spain is trying to put off a bailout program as long as it can, and is taking advantage of relatively calm market conditions now in case things worsen again in the future”, wrote strategist Marcin Budkiewicz.
Commerzbank analysts say that the erosion of the resistance line at 1.2830. implies “a deeper retracement towards the 55 day ma at 1.2908 where we would again look for signs of failure”, wrote analyst Karen Jones. But that while the latter caps, the 1.2661 current November low will remain in view.