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23 Apr 2013
Forex: EUR/USD threatens 1.3000 after weaker German PMI
FXstreet.com (Barcelona) - Unfortunately, the preliminary release of April PMI data by Markit changed its tone in the middle of the publications. After the French PMI services surprise allowing a jump to 1.3083 high just ahead of the European opening, the German data led investors to a selloff, threatening the 1.3000 handle as the market trades at 1.2982 low.
The preliminary release of April German manufacturing PMI was expected to stay unchanged at 49.0 but dropped to 47.9 and services PMI eased from 50.9 to 49.2, instead of the slight rise to 51.0 as expected. French Services PMI rose from 41.3 to 44.1, beating the 42.0 expectations, while the manufacturing figure rose from 44.0 to 44.4, above 44.3 consensus.
“The support at 1.3000/1.2995 guards the 200 day ma at 1.2937 then the 1.2740 recent low”, wrote Commerzbank analyst Karen Jones, pointing to 1.3225/50% retracement as an interim peak.
The preliminary release of April German manufacturing PMI was expected to stay unchanged at 49.0 but dropped to 47.9 and services PMI eased from 50.9 to 49.2, instead of the slight rise to 51.0 as expected. French Services PMI rose from 41.3 to 44.1, beating the 42.0 expectations, while the manufacturing figure rose from 44.0 to 44.4, above 44.3 consensus.
“The support at 1.3000/1.2995 guards the 200 day ma at 1.2937 then the 1.2740 recent low”, wrote Commerzbank analyst Karen Jones, pointing to 1.3225/50% retracement as an interim peak.