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3 Aug 2015
EUR/USD dips to lows at 1.0960 on PMIs
FXStreet (Mumbai) - The European currency accelerates to the downside against the US dollar in the European morning, with EUR/USD drifting away from 1.10 handle, following the release of below estimates German PMI report, final data confirmed. While markets showed little reaction to stronger 19-nation bloc’s PMI reading.
EUR/USD rejected at 1.0996
The EUR/USD pair dropped -0.13% to fresh session lows at 1.0966, heading towards key 1.0950 levels. The offered tone surrounding around EUR/USD increased in the European morning following the release of mixed set of manufacturing PMIs released across the Euro area economies with German manufacturing sector slightly deteriorating its pace of growth in July as opposed to Euro zone’s factory activity coming out strong, respective final readings confirmed.
July's preliminary PMI for Germany's manufacturing sector fell to 51.8, down from June's final reading of 51.9 points and against expectations of a final reading in line with the preliminary print of 51.5. The final manufacturing PMI for the euro zone came in at 52.4 points in July, compared to 52.5 in June. Markets had bet on a reading of 52.2 points, the same as the preliminary print.
Meanwhile, markets now await US manufacturing PMI reports due later in the day for further momentum on the main currency pair. While the major highlight for the week remains the NFP figures from the US due to be released on Friday.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0992 (July 30 High) levels, above which gains could be extended to 1.1019 (July 23 High) levels. On the flip side, support is seen at 1.0920 (July 31 Low) below which it could extend losses to 1.0892 (July 30 Low) levels.
EUR/USD rejected at 1.0996
The EUR/USD pair dropped -0.13% to fresh session lows at 1.0966, heading towards key 1.0950 levels. The offered tone surrounding around EUR/USD increased in the European morning following the release of mixed set of manufacturing PMIs released across the Euro area economies with German manufacturing sector slightly deteriorating its pace of growth in July as opposed to Euro zone’s factory activity coming out strong, respective final readings confirmed.
July's preliminary PMI for Germany's manufacturing sector fell to 51.8, down from June's final reading of 51.9 points and against expectations of a final reading in line with the preliminary print of 51.5. The final manufacturing PMI for the euro zone came in at 52.4 points in July, compared to 52.5 in June. Markets had bet on a reading of 52.2 points, the same as the preliminary print.
Meanwhile, markets now await US manufacturing PMI reports due later in the day for further momentum on the main currency pair. While the major highlight for the week remains the NFP figures from the US due to be released on Friday.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0992 (July 30 High) levels, above which gains could be extended to 1.1019 (July 23 High) levels. On the flip side, support is seen at 1.0920 (July 31 Low) below which it could extend losses to 1.0892 (July 30 Low) levels.