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23 May 2013
EUR/USD climbs to 1.2860/65 on German PMI
FXstreet.com (Barcelona) - The shared currency attempted a rebound to the area of 1.2960 on Thursday, after the German flash manufacturing PMI rose to 49.0 in May, exceeding estimates.
Next on tap will be the EMU manufacturing/services PMI followed by Italian retail sales and the Spanish auction of bonds maturing in 3 and 5 years.
In light of today’s speech by ECB’s Draghi, Analyst ChristinTuxen at Danske Bank commented, “Indeed it is possible that EUR/USD could fall below the 1.28 level today if market focus is sustained along the lines of ‘Bernanke tapering QE, Draghi looking at negative rates’”.
EUR/USD is up 0.02% at 1.2861 facing the next resistance at 1.3011 (MA21d) ahead of 1.3030 (high May 14) and finally 1.3051 (high May 10).
On the flip side, a breakdown of 1.2809 (low May 20) would open the door to 1.2796 (low May 17) and finally 1.2754 (weekly cloud base).
Next on tap will be the EMU manufacturing/services PMI followed by Italian retail sales and the Spanish auction of bonds maturing in 3 and 5 years.
In light of today’s speech by ECB’s Draghi, Analyst ChristinTuxen at Danske Bank commented, “Indeed it is possible that EUR/USD could fall below the 1.28 level today if market focus is sustained along the lines of ‘Bernanke tapering QE, Draghi looking at negative rates’”.
EUR/USD is up 0.02% at 1.2861 facing the next resistance at 1.3011 (MA21d) ahead of 1.3030 (high May 14) and finally 1.3051 (high May 10).
On the flip side, a breakdown of 1.2809 (low May 20) would open the door to 1.2796 (low May 17) and finally 1.2754 (weekly cloud base).