The euro has had a very good week so far, with common currency briefly rallying above the 1.05 level this morning.
The prospect of a softer stance towards trade protectionism from President Trump is a clear bullish signal for the euro given the common bloc’s high dependence on external demand (the export to GDP ratio is above 50%), particularly from the US and China.
A more buoyant set of business activity PMI figures has provided the euro with a fresh leg up.
The flash composite index from S&P jumped back above the level of 50 for the first time August in January (50.2). This follows a surprise to the upside in the manufacturing sector (46.1 vs. 45.3) and a modest miss in the services index (51.4 vs. 51.6).”
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