FXStreet (Córdoba) - It has been a quiet European session so far, with majors taking a breather following yesterday’s USD rally triggered by more hawkish than expected Fed minutes. European currencies consolidated at multi-month lows versus the greenback with regional data having no-lasting impact on the EUR and the GBP.

The EUR/USD bounced from a fresh 11-month low of 1.3242 and erased intraday losses following mixed PMI data from France, Germany and the Eurozone as a whole. However, the recovery was quite timid, stalling ahead of 1.3280.

The GBP/USD attempted to recover from a low of 1.6563 but disappointing UK retail sales kept the Cable near lows. Meanwhile, the USD/JPY is consolidating just below 104.00.

Commodity currencies were under broad pressure, although the AUD/USD managed to shrug-off soft Chinese PMI and trimmed intraday losses to trade around 0.9280. The NZD/USD was flat around 0.8375 while the USD/CAD steadied after reaching a 3-month high of 1.0985.

Elsewhere, stocks were broadly up in Europe and US futures pointed for a higher opening. US data scheduled includes initial weekly jobless claims, existing home sales and the Philly Fed manufacturing index. However, market focus now turns to Friday’s Fed Chair, Janet Yellen, speech at Jackson Hole.

Main Headlines in Europe:

No signs of a possible EUR correction

France Markit Services PMI came in at 51.1, above expectations (50.3) in August

France Markit Manufacturing PMI came in at 46.5 in August

Gold falls to 2-month lows

Germany: Flash PMI Manufacturing slides to 52 in August

What lies ahead of the EUR/USD today? – Commerzbank and UOB Group

EMU: Flash PMI Manufacturing falls more than expected in August

European stocks stay up after mixed PMIs

USD benefited by FOMC minutes – Danske Bank

Related Articles
  1. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  2. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  3. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  4. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  5. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  6. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  7. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  8. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  9. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
  10. Forex News

    How The Forex "Fix" May Be Rigged

    When it comes to forex, some types of "fixes" are legal. But some really aren't.
  1. No results found.

You May Also Like

Trading Center

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!