The euro pushed higher after disappointing Euro area data showed weak manufacturing PMI’s (see economic calendar below) continue to plague the region. The HCOB manufacturing PMI release slumped to 3-month lows and the 16th consecutive print below the 50 level that marks the change from contraction to expansion. German and French PMI’s that were released prior also suggested significant weakness in demand via new order statistics that declined at a rapid rate. That being said, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank stated that the Eurozone may be at its lows and could see an ascension in the months to come.
