EUR flows: Bouncing as EZ numbers outperform Germany

The Eurozone PMI has come in stronger than expected, with strength in the rest of the Eurozone offsetting the weakness in Germany. The EUR has edged higher as a result, recovering the ground lost after the German PMI. EUR/CHF and EUR/GBP are still lagging behind a little, but in a risk positive market we would expect EUR/CHF to find a bottom near here, while EUR/GBP’s performance will depend on the UK PMI at 09:30 BST.