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EUR/USD await PMI data
Spain was one of the few eurozone nations to see an improvement in its manufacturing PMI figures yesterday. This gave further credence to the worry that the eurozone, and more specifically the German economy, is creaking. Expectations for tomorrow’s services PMI figures are a little more optimistic with improvements expected across the board. Looking further down the week, we also have the next interest rate decision from the European Central Bank and we are highly unlikely to see any change here.
Once again the topic of discussion is: will the ECB embark on a European version of quantitative easing? The majority of eurozone countries would like to, but Germany still remains the lone voice of rejection. Unfortunately for the majority, the German voice is the most important.