It makes sense that the currency market reacted to Wednesday's European and UK PMIs with EUR weakness and even more GBP weakness, but then reacted to the US PMIs with USD weakness. Ulrich Leuchtmann, Head of FX and Commodity Research at Commerzbank, analyzes what are the PMIs telling the forex market.
USD correction is correct, but not enough
Wednesday afternoon the FX market corrected the part of the USD strength that came after the PMI releases on this side of the Atlantic. This is correct, but not enough, I think.
Much of the earlier USD strength had already been fueled by the presumption of US economic exceptionalism. That too has yet to dissipate.
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