Euro firms up following China GDP and ahead of PMIs

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

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. 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. Prior to OANDA he worked with, 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, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.