Today surprised investors with good data on business activity in France, Germany, and the EU as a whole. In France, for example, the manufacturing PMI rose to 51 pips in August, surpassing forecasts and returning to a positive 50+ zone. The manufacturing PMI index in the EU as a whole increased by 0.5 pips and amounted to 47.0 pips. Therefore, the euro today has strengthened significantly against major currencies, although in the middle of the day it may come under pressure following the publication of the ECB meeting minutes, which are not going to be affected by the positive data published today.
In the second half of the day, the composite PMI index in the US is expected to be published, as well as data on the number of applications for unemployment benefits. From Canada we await the volume of wholesales in June. So, the USD will have an opportunity to recover against the Euro today.
The key event of this week is the symposium in Jackson Hall, which starts today in the United States. It can greatly affect the value of the dollar, as well as the cost of safe assets. So far, Gold has fallen below the level of $1500 amid the strengthening of the USD.
