EUR/USD below $1.33
EUR/USD continues to trade below the $1.33 level, as currency traders look likely to sit the morning session out awaiting the possibility of market-moving comments from either, or both of the European and US heads of economic decision making.
Yesterday’s manufacturing and services PMI figures for France, Germany and the eurozone show that this continued weakness in the euro is needed by many of the export driven economies. Although Germany has managed to maintain growth in this area, France has once again seen contraction and the eurozone as a whole has now dropped to 50.8 lower than the expected 51.4. This week's equity markets have increasingly factored in some sort of proactive measure being taken by the ECB president. Should the Jackson Hole event pass off without fresh news, then an aggressive selloff could ensue.