Forex Flash: Euro at Dec 11 high – Wells Fargo
FXstreet.com (Barcelona) - Nick Bennenbroek, Head of Currency Strategy at Wells Fargo notes that the major European currencies are up, with the Euro reaching its highest level since December 2011.
He comments that European data has been mixed as January economic sentiment rose to 89.2, but Spanish Q4 GDP fell 0.7% q/q and Italian January business confidence fell to 88.2. Further, Eurozone bond markets are relatively calm, with Spanish and Italian bond yields only modestly higher. In Switzerland, the January KOF leading indicator fell to 1.05, while in the U.K., December consumer credit rose by GBP 0.6 bln pounds and mortgage lending rose by GBP 1.0 bln. Sweden's January economic sentiment fell to 89.4, with manufacturing confidence and consumer confidence.
He comments that European data has been mixed as January economic sentiment rose to 89.2, but Spanish Q4 GDP fell 0.7% q/q and Italian January business confidence fell to 88.2. Further, Eurozone bond markets are relatively calm, with Spanish and Italian bond yields only modestly higher. In Switzerland, the January KOF leading indicator fell to 1.05, while in the U.K., December consumer credit rose by GBP 0.6 bln pounds and mortgage lending rose by GBP 1.0 bln. Sweden's January economic sentiment fell to 89.4, with manufacturing confidence and consumer confidence.
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