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Quotes from Western Union:
- The euro recovered from two-week lows after key business surveys from the broader bloc and Germany hinted at stabilization. Business activity in France contracted at a faster pace which initially sent the euro to multiweek lows but both the broader 18-nation euro zone and Germany showed activity above 50, indicating expansion.
- Any support for the euro from the data is likely to prove tepid with key stress tests on the health of 130 area banks set for release Sunday from the ECB. Spanish media reported this week that nearly a dozen of the banks would fail.
- With the euro a penny or two away from recent two-year lows and the strong dollar profile not quite the same, customers should feel more comfortable about hedging more of their exposure at the current market.
