Insofar as the market is positioned long, in the view of economists at Rabobank, the EUR is looking vulnerable.
The market should be questioning if it remains too long EUR
One of the more shocking elements of Wednesday’s weak European PMI data was the softness in the services indices.
The implication of Wednesday’s data is that the services sector could be losing its buoyancy. If this is borne out by other data releases, there is much less reason to expect further rate rises from the ECB. Under this scenario, the market should be questioning if it remains too long EUR.
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