Weekly Market Watch - JP Morgan

Eurozone currencies extended their gains for another week. Global PMI and U.S. ISM data was
released on Monday and surprised to the upside, relative to market expectations. As the week began rumors of a “hard landing” for China were widely discussed, but manufacturing PMI was roughly in line with consensus. Despite the upside surprises in global manufacturing, the data highlighted an important divergence in growth, with China PMI and U.S. ISM declining and Eurozone PMI holding steady.