EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.21% against the USD and closed at 1.0953.
In economic news, Germany’s Markit manufacturing PMI improved to a level of 51.8 in July, compared to a reading of 51.5 in June, while the Euro-zone’s manufacturing PMI slightly edged up to 52.4 in July, following a level of 52.2 recorded in the preceding month.
Elsewhere, in Italy, the manufacturing PMI hit a 51-month high reading of 55.3 in June, exceeding market expectations for a rise to 53.9. It followed a reading of 54.1 in May.
In the US, the ISM manufacturing PMI fell more than expected to 52.7 in July, from 53.5 in June, suggesting that the pace of growth in the nation manufacturing sector slowed down. Meanwhile, core personal consumption expenditure rose 1.30% YoY in June, higher than market expectations for an advance of 1.20%.
In other economic news, personal income recorded a rise of 0.40% in June on a MoM basis, compared to a revised similar rise in the prior month. Market anticipation was for personal income to advance 0.30%.
In the Asian session, at GMT0300, the pair is trading at 1.0945, with the EUR trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.0919, and a fall through could take it to the next support level of 1.0892. The pair is expected to find its first resistance at 1.0984, and a rise through could take it to the next resistance level of 1.1023.
Going ahead, investors would now focus on the release of US factory orders data for June, which is widely expected to rebound, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
