Forex Market View 2/21/2019

Forex Market CommentaryThursday’s round of economic data out of Europe was mixed on the whole, and the euro did a good job holding up again.

The most interesting data we saw was the German PMI with the services component exceeding forecasts while the manufacturing component disappointed putting in its steepest decline in six and a half years.

The Australian dollar remained way down after taking a couple of hard hits early in the day. China has a ban on Aussie coal imports and calls from Westpac’s chief economist for two rate hikes in 2019 were responsible for the relative weakness in the Australian dollar.

A solid Aussie employment report and what has been a broad-based surge in dollar selling as the day moves on.

On the Brexit front, there hasn’t been much of anything new to report though Theresa May has been more vocal about not allowing a scenario where the UK is forced to see a no deal Brexit. This has helped to give the pound an added boost the pound is actually outperforming over the past week across the more actively traded markets.

In North America the US dollar has taken yet another hit after the Philly Fed survey came in disturbingly weak that’s at its lowest level since May of 2016.