Forex: EUR/USD – Euro sheds 70 pips

on Jul 25, 2013
Listen Thursday July 25th: In trading so far today, the euro has fallen from the highs at 1.3237 reached right after the release of the Eurozone PMI updates, which came with mixed signals. Currently, the pair is at 1.3166.

The Eurozone-wide Manufacturing PMI came out as 50.1 this month, up from 48.8 in June and beating analysts’ predictions of a 49.1 reading.
Germany’s Manufacturing PMI showed improvement to 50.3 from June’s reading of 48.6, and the Services PMI jumped to 52.5 from 50.4. Germany is the first of the 17 Eurozone countries to head back into expansion, as measured by the PMI, since 2008.

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The CESifo Group’s latest German Business Climate Index and Current Assessment, which is a measure of business conditions and expectations six months out, came out slightly worse than expected, down to 102.4 from the prior 102.5. Expectations had been for no change.
The M3 money supply in the Eurozone contracted by 0.1 percent in the three months to June and by 0.6 percent y/y, while private loans in June in the single currency region declined by 1.6 percent.
In the US today, Durable Goods – Orders for June will be updated at 12:30 BST, followed by details of last week’s initial US jobless claims, with expectations for a fall.
The EIA’s Natural Gas Storage Change and the Kansas Fed’s Manufacturing Activity will be updated at 15:30 and 16:00 BST respectively.


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