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French PMIs disappoint – EUR/USD dips below 1.34

Markit’s manufacturing PMI disappointed with a drop from 49.1 to 47.8 points contrary to 49.2 points.  Services PMI fell back into contraction territory and reached 48.8 points instead of 51.3 expected. It lost the 50 point mark separating growth from expansion. The services PMI was expected to remain in positive territory, while the manufacturing one was expected to advance towards the 50 point mark.

EUR/USD traded at 1.3425 before the publication. The pair is now sliding towards 1.34.

This is how it looks:

EURUSD November 21 2013 loses ground on weak French PMIs technical analysis fundamental view for currency trading

EUR/USD was on the back foot after a bigger gap between monetary policies on both sides of the pond seemed to emerge. The ECB was reportedly considering a negative deposit rate of 0.1%. Talk about a negative rate was already seen before, putting details into it, a specific number, certainly weighed.

For more on the euro, see the EURUSD forecast.

Germany will receive its PMIs soon, and this will be followed by the euro-zone numbers.

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.