EUR: Any corrective move to 1.23 still viewed as temporary - ING

Viraj Patel, Foreign Exchange Strategist at ING, suggests that the preliminary Feb Eurozone PMI releases will be of particular relevance for the data-sensitive EUR.

Key Quotes

“Our economists are looking for a partial easing in both the manufacturing (59.1) and services (57.6) readings after having hit cyclical highs in recent months. Still, at these elevated levels, any confirmation of booming EZ economic activity shouldn’t exactly be a negative driver for the currency. Right now, we see EUR/USD corrective moves towards 1.2250-1.2300 as temporary.”