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1 Oct 2013
EUR/USD retreats from highs on PMI
FXstreet.com (Edinburgh) -The bloc currency is now giving away some pips after the PMI results from Germany and the euro area came in below estimates, dragging the EUR/USD to the area of 1.3565/60.
EUR/USD upside stalled
The firmer bid tone in the pair seems to have run out of steam in the boundaries of 1.3600 the figure on Tuesday, after final manufacturing PMI prints from the German economy and the EMU came in short of expectations. Further data also showed that the jobless rate in Germany ticked higher in August to 6.9% from 6.8%. Against the backdrop of the US Government shutdown, the next releases across the pond will be the measures of the manufacturing activity by the Markit and ISM indices. “The euro has drifted higher as expected and as long as the markets remains relatively calm over the government shutdown, the euro could drift further higher. However, even in circumstances of the shutdown dragging the dollar further lower in the near-term, EUR/USD will struggle to breach the 2013 high of 1.3711”, noted Derek Halpenny, European Head of Global Markets Research at BTMU.
EUR/USD levels to watch
The pair is now advancing 0.32% at 1.3270 with the next hurdle at 1.3598 (high Feb.5). On the flip side, a breakdown of 1.3467 (low Sep.30) would expose 1.3462 (low Sep.25) and finally 1.3459 (23.6% of 1.3104-1.3569).
EUR/USD upside stalled
The firmer bid tone in the pair seems to have run out of steam in the boundaries of 1.3600 the figure on Tuesday, after final manufacturing PMI prints from the German economy and the EMU came in short of expectations. Further data also showed that the jobless rate in Germany ticked higher in August to 6.9% from 6.8%. Against the backdrop of the US Government shutdown, the next releases across the pond will be the measures of the manufacturing activity by the Markit and ISM indices. “The euro has drifted higher as expected and as long as the markets remains relatively calm over the government shutdown, the euro could drift further higher. However, even in circumstances of the shutdown dragging the dollar further lower in the near-term, EUR/USD will struggle to breach the 2013 high of 1.3711”, noted Derek Halpenny, European Head of Global Markets Research at BTMU.
EUR/USD levels to watch
The pair is now advancing 0.32% at 1.3270 with the next hurdle at 1.3598 (high Feb.5). On the flip side, a breakdown of 1.3467 (low Sep.30) would expose 1.3462 (low Sep.25) and finally 1.3459 (23.6% of 1.3104-1.3569).