EUR/USD Rises on strong German PMIs

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The initial Markit’s purchasing managers’ indices for Germany surprised and this sends the euro higher. Manufacturing PMI in the euro-zone’s locomotive jumped from 46 to 48.8, beating expectations for a rise to 47.1. Services PMI shows strong growth, rising from 52 to 55.3. No change was expected. The 50 point mark separates growth from contraction.

EUR/USD escaped from the 1.3290 line and is now trading at 1.3330. The pair is trading in a range, but has some tendency to the downside.

Earlier, French PMIs badly disappointed: manufacturing PMI came out at 42.9 points, significantly lower than 44.6 seen last month and 44.9 that was expected. Services PMI dropped to 43.6, from 45.2 and against 45.6 that was predicted.EUR USD Rising on German PMI January 24 2013

For more about the euro, see the Euro to USD forecast.

Figures for the whole euro-zone will be published shortly.

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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.