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French PMIs disappoints – EUR/USD extends slide

Markit’s French manufacturing  PMI falls to 47.3 points, worse than expected. The services PMI is also unimpressive at 48.1 points. This points to contraction. On the other hand, we have good news from Spain: the unemployment rate fell from 24.5% to 23.7%, significantly better than expected.

EUR/USD is extending its slide, falling to 1.2625.Update: EUR/USD extends its falls  below 1.2620.

Update:  German manufacturing PMI returns to growth – EUR/USD bounces up

Markit’s  manufacturing purchases managers’ index (PMI) for France’s manufacturing sector was expected to tick down from 48.8 to 48.6 points. The services PMI was predicted to slide from 48.4 to 48.2  points. The 50 point mark separates  growth and contraction.

EUR/USD was pressured towards the release, trading around 1.2630.

The numbers for Germany are released in 30 minutes. See how to trade the German  manufacturing PMI with EUR/USD.

Later today we have jobless claims from the US. They are of special interest after the figure fell to the lowest since the year 2000 last week.

What is the next direction of the euro? The most recent opinion we posted is:2 Reasons For Staying Bearish EUR/USD Targeting 1.25 – Deutsche Bank

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.