Euro May Shrug Off PMI Survey Roundup, German GDP Revision
- Euro may shrug off November’s PMI data roundup, German GDP revision
- Static BOE stance may mean UK GDP passes the Pound by without notice
- Japanese Yen broadly lower in APAC trade as prices retrace earlier gains
The preliminary set of November’s Eurozone PMI surveys headlines the economic calendar in European trading hours. The region-wide composite gauge is expected to show that the pace of manufacturing- and service-sector growth slowed a bit compared with the prior month.
News-flow out of the currency bloc has increasingly improved relative to consensus forecasts since mid-August, opening the door for an upside surprise. That may not offer lasting support for the Euro however considering such an outcome’s limited implications for seemingly anchored ECB monetary policy.
Revised third-quarter German and UK GDP data may likewise pass without significant fireworks. The BOE seems no more likely to alter the near-term policy path than its counterpart across the English Channel, hinting that whatever ultimately comes across the wires may not make a lasting impression on FX markets.
The Yen underperformed in otherwise quiet Asia Pacific trade. The currency looks to have been in corrective mode after the previous day’s broad-based advance. The Japanese unit was the strongest among its G10 FX counterparts on Wednesday, adding 0.44 percent on average.
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** All times listed in GMT. See the full DailyFX economic calendar here.
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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