EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.61% against the USD and closed at 1.0888, after Germany’s final Markit manufacturing PMI rose more-than-expected to a level of 52.3 in January, while markets expected it to remain steady at 52.1. Additionally, the Euro-zone’s final Markit manufacturing PMI remained steady at 52.3 in January, at par with market expectations.
The greenback lost ground after the US ISM manufacturing PMI advanced less than anticipated to a level of 48.2 in January, contracting for the fourth straight month, following a revised reading of 48.0 in the previous month and compared to market expectations of a rise to a level of 48.5. Additionally, the nation’s final Markit manufacturing PMI registered a level of 52.4, against market expectations for a reading of 52.6, and compared to its flash estimate of 52.7. Moreover, construction spending data rebounded at a less than expected pace by 0.1% MoM in December, after recording a revised drop of 0.6% in the preceding month and compared to market expectations for a gain of 0.6%.
In the Asian session, at GMT0400, the pair is trading at 1.0906, with the EUR trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1.0860, and a fall through could take it to the next support level of 1.0813. The pair is expected to find its first resistance at 1.0934, and a rise through could take it to the next resistance level of 1.0961.
Going ahead, investors await the release of unemployment rate data across the Euro-zone, slated to be released in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
