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Forex Flash: Europe mixed as data firmer on balance – Wells Fargo

Nick Bennenbroek, Head of Currency Strategy at Wells Fargo notes that the major European currencies are mixed, while European data was firmer on balance.

He highlights that Eurozone January services PMI was revised up to 48.6, while December retail sales fell by 0.8% m/m. The U.K. January services PMI rose to 51.5, while in Sweden the January services PMI rose to 52.4 and December services output rose by 0.7% m/m. Switzerland’s December trade surplus eased to 1.00B francs, with real exports down 1.5% m/m. Looking at price action, he can see that the euro, Swiss franc and Norwegian krone are little changed, while the pound and Swedish krona are lower. Emerging European currencies are stronger, with the forint, rand and koruna the largest gainers.

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