The euro traded lower against the U.S. dollar, as concerns over new debt talks between Greece and the European Union continue to weigh on the euro. Although Greece submitted a request for an extension of its existing loan agreement, the German Finance Minister Wolfgang Schäuble replied that the Greek loan proposal was "not a substantial proposal for a solution". Another round of talks between Greece and the European Union was scheduled to take place.
On Friday, the eurozone’s preliminary manufacturing PMI increased to 51.1 in February from 51.0 in January, missing expectations of a rise to 51.6. The eurozone's preliminary services PMI rose to 53.9 in February vs. 52.7 in January. Analysts had expected the index to climb to 53.2. Germany's preliminary manufacturing PMI remained unchanged at 50.9 in February, missing forecasts of an increase to 51.8. Germany's preliminary services PMI increased to 55.5 in February from 54.0 in January, beating expectations for a gain to 54.3. France's preliminary manufacturing PMI fell to 47.7 in February from 49.2 in January, missing forecasts of a rise to 49.7. France's preliminary services PMI rose to 53.4 in February from 49.4 in January, exceeding expectations of a gain to 49.9.
The European economic data:
IFO expectations in Germany at 10.00 Saudi Arabia time
IFO business climate in Germany at 10.00 Saudi Arabia time
IFO current assessment in Germany at 10.00 Saudi Arabia time
The American economic data:
Existing Home Sales change at 18.00 Saudi Arabia time
The British pound traded lower against the U.S. dollar. Retail sales in the U.K. decreased 0.3% in January, missing expectations for a 0.1% drop, after a 0.2% gain in December. December's figure was revised down from a 0.4% rise. The increase was driven by lower food, clothing and footwear sales. On a yearly basis, retail sales in the U.K. climbed 5.4% in January, missing expectations for a 6.0% rise, after a 4.0% increase in December. December's figure was revised down from a 4.3% increase.
The British economic data:
CBI distributive trades survey at 14.00 Saudi Arabia time
The Japanese yen traded lower against the U.S. dollar. In the overnight trading session, the yen traded lower against the greenback after comments from Bank of Japan Governor Haruhiko Kuroda. Kuroda mentioned on Friday that there are a lot of policy options, and that it is possible to achieve the 2% inflation target.
The Japanese economic data:
Corporate service price at 02.55 Saudi Arabia time
The Aussie traded higher against the greenback in the absence of any major economic reports from Australia.
The Australian economic data:
No data for today
The precious metal ended the week trading higher against the dollar, after reaching a low of $1199. The absence of US economic data and the uncertainty regarding Greece restored some momentum for gold.
US crude oil fell on Friday due to record-high oil inventories in the United States. Oil is now under pressure and is heading towards the first weekly loss recorded during the last four weeks.
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