The euro came under selling interest yesterday, tumbling after another set of sluggish PMIs from the Euro area, which may have increased speculation for additional policy measures by the ECB as well as for another delay in the timing of when interest rates could start rising. In the US, both retail sales for March and initial jobless claims for the week ended on April 12th beat expectations, easing concerns with regards to the performance of the world’s largest economy.
EUR Slides on Disappointing Euro-area PMIs
The euro traded lower against most of the other G10 currencies on Thursday. It gained slightly only against SEK, while it traded virtually unchanged versus CHF and NZD. The main winners were USD, JPY, CAD and NOK.
The catalyst behind the euro’s slide was another set of sluggish PMIs from the Euro area, with the first hit taken after the preliminary German manufacturing PMI signaled that the...
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