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COZfx: Euro-zone’s manufacturing PMI advanced to a 31-month high

Discussion in 'Analisa Fundamental' started by harryer, Jan 6, 2014.

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  1. harryer

    harryer Member

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    COZforex: For the past trading session, EUR dropped 0.73% against the USD and closed at 1.3665, during a broad strength in the greenback.

    However, losses in the Euro-zone’s single currency were capped after Markit Economics reported that its manufacturing PMI in the region rise to a reading of 52.7 in December, in-line with market estimates and compared to a level of 51.6 registered in the preceding month. Germany’s Markit manufacturing PMI advanced more-than-expected to a level of 54.3 in December, from previous month’s reading of 52.7.

    Meanwhile, in the US, an official report showed that initial jobless claims in the nation unexpectedly dropped to a reading of 339,000 during the week ended December 27, from a level of 341,000 recorded in the preceding week. Separately, another report revealed that the US Markit manufacturing PMI rise at the fastest pace in 11 months to a reading of 55.0 in December, from a reading of 54.7 witnessed in November.

    However, the ISM manufacturing PMI in the US fell in line with analysts’ estimates, to a level of 57.0 in December, following the previous month’s reading of 57.3.

    In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.3603 and a drop through could take it to the next support line of 1.3543. Meanwhile, the pair is predicted to find its first resistance at 1.3747, and a rise through could take it to the next resistance line of 1.3831.

    Later today, the European Central Bank is predicted to release a report on the region’s M3 money supply and private loans data for the month of November.

    (COZ forex UK)
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