Back
2 May 2013
Forex: EUR/USD little changed after Spanish PMI
FXstreet.com (Barcelona) - The euro attempted a rebound after the manufacturing PMI in the Spanish economy improved to 44.7 during April, exceeding the median at 43.9 and up from March’s 44.2.
In light of today’s ECB gathering, Currrency Analyst Christopher Vecchio at DailyFX commented, “The Euro’s direction hinges on what’s best for the Euro-zone growth picture, not necessarily the yield outlook. Bond markets have already priced a cut in, so if no rate cut comes, the Euro will be in a tough spot – either way, immense volatility is expected."
EUR/USD is now retreating 0.19% at 1.3153 with the immediate support at 1.3120 (hourly high Apr.30) ahead of 1.3065 (MA21d) and finally 1.2988 (low Apr.25).
On the flip side, a break above 1.3243 (high May 1) would aim for 1.3319 (high Feb.25) en route to 1.3343 (61.8% of Feb-Apr slide).
In light of today’s ECB gathering, Currrency Analyst Christopher Vecchio at DailyFX commented, “The Euro’s direction hinges on what’s best for the Euro-zone growth picture, not necessarily the yield outlook. Bond markets have already priced a cut in, so if no rate cut comes, the Euro will be in a tough spot – either way, immense volatility is expected."
EUR/USD is now retreating 0.19% at 1.3153 with the immediate support at 1.3120 (hourly high Apr.30) ahead of 1.3065 (MA21d) and finally 1.2988 (low Apr.25).
On the flip side, a break above 1.3243 (high May 1) would aim for 1.3319 (high Feb.25) en route to 1.3343 (61.8% of Feb-Apr slide).