EUR/USD is demonstrably firmer compared to where it closed out last week, presently up at 1.4508 from a North American close Friday around 1.4415. The USD was already on the backfoot in the wake of the weaker than expected U.S. jobs report Friday. It’s now been underminned further by the weekend release of strong December Chinese trade data which has helped support general risk appetite. China has now surpassed Germany as the world’s number one exporter.
It’s not all quite one-way traffic though, with Moody’s warning that Portugal’s credit rating is threatened.
Nothing really in way of euro zone data today:
07:45 GMT: French industrial production for November expected +0.5% m/m, -5.2% y/y, manufacturing +0.5% m/m, -4.4% y./y
Euro zone stocks, not surprisingly, set to open firmer.