Flash: EUR to move up – Societe Generale

FXstreet.com (Barcelona) - Sebastien Galy, strategist at Societe Generale notes we are back to yield seeking in a slow month, waiting for September and the next NFP release.

Key Quotes:

“If one wanted a starker contrast between Asia and Europe, PMI releases led the way”.

“Swedish PMI especially new orders were very strong in a country that is typically though off as a capex proxy”.

“The same positive surprise could be seen in the UK and to a far lesser extent in the Eurozone”.

“The combination should help EUR and its satellite currencies to continue drifting higher vs the USD”.