Euro Strengthened Due to Firm Economic Data

Market Reviews

The euro rose modestly against the US dollar, which was due to the publication of favorable data on the Eurozone and weakening of the US currency. Eurozone PMI manufacturing increased to 60.0 in November, above expectation of 58.2. German PMI manufacturing rose to 62.5, above the forecast of 60.3.

Germany's GDP grew by 0.8% qoq in the third quarter. The UK GDP remained at 0.4% quarter-to-quarter in the third quarter. Annual GDP growth in the UK was maintained at 1.5% in the third quarter and was in line with the preliminary estimate. Retail sales in Canada increased by 0.1% in September, well below expectations of 1.0% mom.