Solid preliminary PMI data out of the Euro area helped to keep the Euro supported into dips, though overall we haven’t seen much activity in markets so far on Monday.
ECB President Lagarde commented that domestic inflation remains too high, but price momentum in the services sector has dropped steeply recently. Euro gains from the economic data were also offset by Moody’s recent downgrade of France’s credit ratings.
In the UK, a strong round of PMI readings provided a boost to the pound.
The focus now shifts to the North American session, which features US flash PMIs, Empire Manufacturing, and Canadian housing starts.
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