PMI data will come forward from the E.U today via Germany and France and the results from the Flash Manufacturing and Services readings are expected to be rather mixed. The EUR lost ground against the USD yesterday and the declines are likely attributable to traders taking risk adverse positions before the Banking Stress Test Results are issued tomorrow. Rumors continue to swirl about the transparency, credibility, and implications that will befall this vital information tomorrow. Investors and noted institutions, like the IMF, continue to question what the publication will bring to the table. The report was going to be issued later in the day on Friday, but it appears now that the release could come early in the morning – so traders will have to stay attentive. Today’s PMI data could prove to be brushed aside no matter the numbers. The EUR has proven stable the past couple of weeks and has traded at the higher reaches of its weak trend, but the Single Currency is likely to be tested these next two days and it could provide fast trading.
Written by bforex.com
