Euro strengthened its upward movement on Thursday, however, it had a neutral to bearish week against the G10 basket. Markit PMIs had a positive impact on the currency and indicates strong Q4 growth. Sterling posted a bearish performance versus the major currencies after the release of the Q3 GDP advanced 0.4%.
The single currency traded higher over Thursday’s and early Friday’s session, whilst on a weekly basis, the euro had a marginal negative performance. Markit preliminary PMIs of Eurozone were generally positive. Eurozone PMI manufacturing rose to 60.0 in November, up from 58.5 the previous month, above expectation of 58.2. Eurozone PMI services jumped to 56.2, up from 55.0, beating the forecast of 55.2. Germany Markit PMI manufacturing ticked higher to 62.5 this month, up from 60.6 before and surpassed the estimation of 60.3. Markit PMI services ticked slightly higher to 54.9 for the current month, from 54.7, missing expectation of 55.0.
Sterling moved lower versus the G10 counterparts since yesterday and had the biggest sell-off day against the Swedish krona. The cable moved higher earlier in Thursday period, but has given up those gains and ended the day lower from its opening level. It was a busy day in the U.K. as the British second estimate Q3 GDP edged up to 0.4%, matching the expectation.
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