German Flash Manufacturing PMI beat its estimate this morning with an outcome of 56.3 which was above the expectation of 54.7. French PMI for Manufacturing and Services both beat their calls too, but remained recessionary. The German Flash Services number came in below expectations.
Having said that the EUR is up in early trading thus far today and has in essence returned to a value range that it has seen for a while. While some may point to the good German Flash Manufacturing PMI as a reason for the sudden strength in the Single Currency it is most likely a reflection of equilibrium, meaning that there is not much reason for the EUR to weaken against the USD at this time except for natural ranges being practiced.
Gold has climbed a few dollars in the past couple of hours and is near 1238.00 USD. Crude Oil is up in early trading too. A Crude Oil Inventories report will come from the States today and the price action this morning is a sign of speculative action.