European Monetary Union S&P Global Composite PMI came in at 50.2, above expectations (49.8) in January

European Monetary Union S&P Global Composite PMI came in at 50.2, above expectations (49.8) in January

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Gold bulls keep the reins beyond $1,917

Gold price refreshes a nine-month high as it picks up bids to $1,940 during the initial hour of Tuesday’s European session. In doing so, the bright metal cheers broad US Dollar weakness, as well as hopes of more demand from China, ahead of the monthly activity data.

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More job cuts, PMI data and Microsoft earnings

In other currencies, the EURUSD couldn’t consolidate gains above the 1.09 mark yesterday. But today’s PMI data could help give another boost to the single currency. And, if not, the message from the European Central Bank (ECB) is crystal clear: the rate hikes will continue and that’s positive for the euro.

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