Flash: Recent economic data not an panacea for European woes – Investec

FXstreet.com (New York) – Currency markets were relatively subdued yesterday following moves in USD pairs – the notable data releases yesterday were the Chinese and Eurozone PMIs which both came in better than expected, notes Jonathan Pryor, Corporate Treasurer at Investec.

Key quotes

The Eurozone composite figure, which covers manufacturing and services, rose to 51.7 points from 50.5 in July. With a reading over 50 indicating growth, the release was good news for Eurozone and lent support to the single currency, which made gains against the pound, dollar and yen.

“With more than 40% of the UK’s exports going to Europe any …read more