Europe FX handover - 3rd April 2019

  • The Aussie and euro have been among the strongest and yen the weakest so far in the day. With the US dollar also on the backfoot, both gold and silver attempted a recovery.
  • Services PMIs from China (54.4), Spain (56.8) and Italy (53.1) all better than expected. Eurozone, German and French final services PMIs were all revised up. But the Brexit-hit services sector of UK slumped below the boom/bust level of 50.0 to 48.9 from 51.3 last. GBP/USD’s downside was limited amid hopes for a longer delay and an even softer exit from the EU following Theresa May’s decision for cross party discussions on trying to solve the Brexit stalemate.
  • Risk appetite continued to rise in Europe after stock index futures gained ground overnight on the back of stronger Chinese data and hopes that the US and China were closing in on a trade deal pushed stocks higher on Wednesday following a report from the Financial Times that the two sides had smoothed out most outstanding issues.

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