The euro pushed higher
Monday after Greece launched a scheme to buy back its debt from private
investors, as part of an agreement to unlock a new bailout package worth EUR44
billion.
Euro zone finance ministers
were to hold talks in Brussels later in the day to discuss the terms of the new
Greek aid deal, after Germany’s parliament gave it the green light on Friday.
Furthermore, euro showed little reaction after Spain formally requested a
bailout worth EUR37 billion for its banking sector.
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Elsewhere, data showed that
the final euro zone manufacturing purchasing managers’ index remained unchanged
at 46.2 in November, the highest level since March, but remaining in contraction
territory for the 16th consecutive month.
In the U.K., data showed that
the manufacturing PMI rose to 49.1 last month, its highest level since August,
from October's downwardly revised 47.3 and beating expectations for a reading of
48.1. However, the index remained below the 50.0 level which separates
contraction from expansion for the seventh successive month.
Earlier Monday, official data
showed that retail sales in Switzerland rose by 2.7% in October, less than the
expected 4.1% increase. A separate report showed that the SVME PMI rose to 48.5
in November, a four-month high, from a reading of 46.1 in
October.
In other news, the yen
remained under pressure ahead of upcoming elections on December 16 which could
lead to further monetary easing by the Bank of Japan, whereas the Australian
dollar remained also under pressure after official data were published showing
that domestic retail sales were flat in October fuelled expectations for a rate
cut by the Reserve Bank of Australia at its policy meeting on
Tuesday.
In latest news, the Institute
for Supply Management’s U.S. factory index fell to 49.5 in November from 51.7 a
month earlier, the Tempe, Arizona-based group said today. The dividing line
between expansion and contraction is 50, and economists’ estimates ranged from
49 to 53.5.
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