EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.54% against the USD and closed at 1.1076.
On data front, Euro-zone’s final manufacturing PMI rose to a level of 46.9 in November, surpassing market consensus for a rise to a level of 46.6. The preliminary figures had also indicated a rise to a level of 46.6. In the previous month, the PMI had recorded a level of 45.9.
Separately, in Germany, the Markit manufacturing PMI advanced to a 5-month high level of 44.1 in November, compared to a level of 42.1 in the previous month. Both market expectations and preliminary figures had indicated an increase to a level of 43.8.
Separately, the US Dollar dropped against its major peers, following disappointing US manufacturing data.
In the US, data showed that the ISM manufacturing activity index unexpectedly fell to a level of 48.1 in December, defying market anticipations for an increase to a level 49.4. The index had registered a reading of 48.3 in the prior month. Also, the US construction spending unexpectedly declined 0.8% on a monthly basis in October, confounding market forecast for a rise of 0.3%. In the previous month, construction spending had recorded a revised drop of 0.3%.
Meanwhile, the final Markit manufacturing PMI advanced to is highest level in six months to 52.6 in November, surpassing market expectations and preliminary figures for a rise to a level of 52.2. In the prior month, the PMI had recorded a reading of 51.3.
In the Asian session, at GMT0400, the pair is trading at 1.1077, with the EUR trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1023, and a fall through could take it to the next support level of 1.0970. The pair is expected to find its first resistance at 1.1110, and a rise through could take it to the next resistance level of 1.1144.
Amid lack of macroeconomic releases in the US today, investors would closely monitor Euro-zone’s producer price index for October, set to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
