Currency Analyst since 2010

EUR is cheered up by PMIs

EUR/USD recovered to $1.3485 as the euro area released mainly better than expected PMIs from the euro area. European stocks rose with Euro Stoxx 50 index adding 0.6%.

The preliminary euro zone’s manufacturing PMI rose to 51.9 in July from 51.8 in June. Services PMI jumped to 54.4 from 52.8, against forecasts of dropping to 52.7. German PMI came out above expectations with a strong reading of 52.9 vs. 52.0 expected. France lagged as its manufacturing PMI fell from 48.2 to 47.6. Negative news came from Italy where retail sales contracted by 0.1%.

Resistance is at $1.3500 and $1.3525, while support is at $1.3450 and $1.3425.

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