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EUR/USD slips after PMI data releases disappoint

The Italian, French and German PMI final revisions all missed the mark. In fact they were all mostly revised lower, against what were slightly elevated revisions. Italy and France missed and the German data did not improve at all, remaining unchanged. The EUR/USD has edged lower following all of these and that coupled with a fall in the US equity futures and higher US yields right now, that is not doing the Euro any favours. Look, it is hardly falling out of bed, but none of this data has detracted from the prospect of the ECB cutting rates on Thursday and that is still a drag on the currency. Of course by the time we get to that decision is will surely be baked into the cake in terms of market price action, but once again the outlook for the Euro remains uncertain. The EUR/USD is right now on session lows, currently trading at 1.0838
 

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