German manufacturing PMI beats – EUR/USD flirts with 1.10
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German manufacturing PMI beats – EUR/USD flirts with 1.10

German manufacturing PMI rose to 52.4 points in March, better than expected. The services PMI also came a bit above expectations and scored 55.3 points.

EUR/USD is topping 1.0980. Can it reconquer 1.10?

The flash German manufacturing PMI for March was expected to tick up to 51.5 points from 51.1  for February. The services sector  PMI carried expectations for a rise to 55 points from 54.7 beforehand.

EUR/USD was moving up in range towards the release, edging towards the very round 1.10 level and trading at  1.0970.

Earlier, the numbers for France were slightly short of predictions: manufacturing PMI disappointed by rising to only 48.2 points, below 50 that separates growth and contraction. The services sector  saw a bigger drop than expected: from 53.4 to 52.8 points.

Purchasing managers indicators (PMIs) are considered forward looking indicators that foresee future growth. We later have the  full euro-zone numbers, but they are outshined  by the French and German figures. These are the zone’s largest countries.

EUR/USD enjoyed a few strong days, mostly riding on the weakness of the dollar. However, some think this is only a correction and suggest selling euro/dollar.

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Here is how the move looks on the chart:

EURUSD higher after German PMIs March 24 2015 euro dollar chart forex trading


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.