Forex: EUR/USD – Euro-sentiment up on German PMI

on Jul 24, 2013
Listen Wednesday July 24th: In today’s Asian trading, the euro was lower against the US dollar, falling by 50 pips from a 34-day high at 1.3238, reached during yesterday’s American session.

But at the London opening, the pair rose sharply to 1.3250 following the release of Markit Economics’ preliminary German Manufacturing Purchasing Managers Index (PMI) for July. The number came out at 50.3 points, well up on June’s 48.6 and beating forecasts for 49.4.
And PMI Services logged 52.5 points in July, following 50.4 in the previous month and above expectations of a rise to 50.8.

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US mortgage applications for this month is due out from the Mortgage Bankers Association at 12:00 BST today.
A preliminary reading of July’s Markit US Manufacturing PMI follows at 14.00 BST.
Then US New Homes Sales data for June, from the US Census Bureau, and Crude Oil Stocks Change, from the Energy Information Administration, are expected at 15:00 and 15:30 BST respectively.


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