EUR: Sell-off continues - BBH

Research Team at BBH notes that the euro has been sold back toward last week's low near $1.0520.  

Key Quotes

“The sell-off has come in two legs.  The first in Asia took the euro through $1.0580.  Then Europe took it down another half cent.  The sell-off came despite a robust flash PMI.  The Eurozone composite jumped to 56.0 from 54.4.  The median guesstimate in the Bloomberg survey was for a little slippage to 54.3.  The details were also favorable.  The manufacturing PMI rose to 55.5 from 55.2.  The median looked for a softer number.  Economists expected an unchanged the service PMI.  Instead, it jumped to 55.6 from 53.7.  New orders reached a six-year high and prices charged rose to the highest level since July 2011.”