Euro near seven-week lows before PMI data release

The euro held near seven-week lows on Friday after the European Central Bank str...

LONDON - The euro held near seven-week lows on Friday after the European Central Bank struck a more dovish tone at Thursday’s meeting than some had expected.

Investor attention will turn to the flash PMI releases for January, which are some of the first indicators of how the global economy has performed moving into 2020. “Sentiment has steadied overnight as evident from the Swiss franc’s weakness against the euro and the dollar with markets firmly focused on the PMI data,” said Thu Lan Nguyen, a FX strategist at Commerzbank based in Frankfurt.

“Some people were hoping that Lagarde could talk about the possibility of policy normalization after Riksbank ended negative interest rates late last year. But there was absolutely no such indication from her,” said Kazushige Kaida, head of foreign exchange at State Street Bank.

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