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European PMI data in focus this morning-EUR/USD edges higher as Spain beats the street

The first of a whole batch of European manufacturing PMI data for February has just been released from Spain. That was better than forecast, at 51.5 (expected 50) and well above the previous reading of 49.2. Any reading above 50 signifies expansion, so it is good news from Spain this morning, but soon we get equivalent readings from Italy (8.45am GMT), France (8.50am GMT) and Germany (8.55am GMT). The equivalent data from the UK will be released at 9.30am GMT. The EUR/USD has edged a little higher after this Spanish data beat the street, but it will probably want to see, if the other countries follow suit, before that might evoke a more positive reaction. Naturally, the German reading is probably the elephant in the room in that respect. The EUR/USD is just now trading at 1.0818
 

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