EUR/USD had another neutral day despite the drop of the euro versus the majors. USD/JPY recorded a 7-month high while BoJ Governor Kuroda commented that central bank will keep its stimulus measures for a long time. Sterling enjoyed a winning day despite the pessimistic comments from BoE Governor Carney.
Euro Dropped on Mixed Economic Indicators
The single currency dropped versus all the G10 currencies on Monday and early Tuesday following a mixture of economic indicators. The Markit service PMI rose to 55.0 following the preliminary figure of 54.9 in October while the sentix investor confidence for November also picked up to 34.0, beating the forecast of 30.8 and 29.7 before. The Eurozone’s PPI increased by 2.9% in September from 2.5% the previous month and above expectations of 2.8%. On the other hand, in Germany, the services PMI dropped to 54.7, below the forecast of 55.2 in October. Later in the day, the ECB President Mario Draghi speech will give a speech which will be closely eyed before the release of the economic growth forecasts by European Commission on Thursday.
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