ECB rate cut may come as early as next week after disappointing data.
• Citigroup's economic surprise index has fallen to low associated with EUR/USD around 1.30
• Latest disappointments include:
• Euro zone Services PMI, composite PMI, unemployment, CPI
• German services PMI, IFO, CPI, retail prices, import prices,
• France services, manufacturing PMIs
• Significant bearish weekly technical indicator developments:
• EUR/USD target 1.2750, -5.5%
• EUR/NOK target 7.7283, -5.8%
• EUR/CAD target 1.30, -7.7%
• EUR/MXN target 16.48 -6.6%
• NOTE: TJ Marta is an FX strategist who writes for First Word. The observations he makes are his own.