The euro had an excellent day on Tuesday, experiencing the the best of both worlds with the US dollar and sterling struggling – and the single currency took full advantage. Improved Eurozone retail sales data, along with better than expected euro purchasing managers’ index (PMI) data gave key support to the euro; retail sales improving from 0% up to 0.4% and PMI remained at 53.1 despite being forecast to fall by 0.3. Against sterling, the euro managed to reach fresh two and a half year highs.
This morning German manufacturing orders are released, and are expected to push back from a disappointing figure last month of -2% to 1%. Apart from this, the euro is likely to have a quieter day.
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