In Euro-land tonight EUR/USD has firmed to 1.2650 both as a delayed response to yesterday poor US data and as anticipation of muted US PPI numbers due 12:30 GMT. The fact that Empire Manufacturing printed a woeful –11.1 vs. 11 projected should command the attention of traders everywhere. As we noted in our weekly piece, the highly volatile index is often early but rarely wrong. Two months in a row of highly negative surprises may be a signal that US growth is weaker than it seems
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