EUR: Sell-off continues - BBH

Sandeep Kanihama FXStreet Contributor

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.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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