EUR: Sell-off continues - BBH
|Research Team at BBH notes that the euro has been sold back toward last week's low near $1.0520.
Key Quotes
“The sell-off has come in two legs. The first in Asia took the euro through $1.0580. Then Europe took it down another half cent. The sell-off came despite a robust flash PMI. The Eurozone composite jumped to 56.0 from 54.4. The median guesstimate in the Bloomberg survey was for a little slippage to 54.3. The details were also favorable. The manufacturing PMI rose to 55.5 from 55.2. The median looked for a softer number. Economists expected an unchanged the service PMI. Instead, it jumped to 55.6 from 53.7. New orders reached a six-year high and prices charged rose to the highest level since July 2011.”
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