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Euro firms up following China GDP and ahead of PMIs

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The euro is slightly higher against all of its major trading partners following a better than expected GDP reading from China and expectations for a rebound in eurozone PMI data.  The eurozone could be a big beneficiary to a China rebound.  Sentiment has been slowly improving for China as expectations run high for a trade deal to be finalized in the next couple months between the US and China.  China’s stimulus is starting to help some of the more recent data releases are starting to ease slowdown concerns.

Tomorrow’s eurozone PMI data is expected to show rebounds in German, French, and eurozone manufacturing, while the services readings could come in mixed.  Germany is still likely to remain in contraction on manufacturing, but any upside surprises could help spark a move higher for the euro.

 

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Ed Moya

Ed Moya

Senior Market Analyst, The Americas at OANDA
With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
Ed Moya

@https://twitter.com/edjmoya

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