US dollar was seen gaining control earlier during the London session despite positive releases in the Euro zone and the UK.
Chinese Manufacturing Purchasing Managers Index (PMI) released by the China Federation of Logistics and Purchasing (CFLP) posted a rise from the last reading of 49.9 to 50.1.
Japanese Nomura/JMMA Manufacturing PMI presenting an early snapshot of the health of manufacturing sector in Japan came in at 50.3, down from the last reading of 51.6.
Spanish Purchasing Managers Index (PMI) Manufacturing released by Markit Economics registered a reading of 54.3 in March 2015 whereas the market was expecting it be 54.7.
Swiss SVME Manufacturing Purchasing Managers Index (PMI) jumped from the last reading of 47.3 to 47.9 in March 2015, but was still below the neutral mark.
Italian manufacturing PMI registered a rise from 51.9 to 53.3 in March 2015.
France manufacturing PMI also posted an increase from the last reading of 47.6 to 48.8.
German manufacturing PMI increased by a good margin from 51.1 to 52.8 in March 2015.
Euro Zone manufacturing PMI was higher and came above to the forecast at 52.2.
Greece manufacturing PMI also posted a rise from the last reading of 48.4 to 48.9 in March.
Euro Zone Manufacturing PMI
Earlier today during the London session, the Euro zone Manufacturing Purchasing Managers Index (PMI), which analyzes business conditions in the manufacturing sector was released by the Markit Economics. The forecast was slated for a rise from the last reading of 51.0 to 51.9 in March 2015. However, the outcome was above the forecast, as the Euro zone Manufacturing Purchasing Managers Index increased to 52.2. The report mentioned that the growth of manufacturing production was better than expected and was at the highest in the last ten months. This was mainly due to the fastest expansion of incoming new business, which resulted in a sharp rise.
Furthermore, the best thing was the fact that the stand-out performers in March were Ireland and Spain. The EURUSD pair was not impressed by the outcome, and was seen trading lower after the release.
The Chief Economist at Markit, Chris Williamson mentioned in the report that the “the final PMI reading signaled slightly stronger growth of the manufacturing economy than the preliminary reading, adding further to signs that the Eurozone economy is reviving after last year’s slowdown”.
German Manufacturing PMI
The Germany Manufacturing Purchasing Managers Index was also released, which on the positive side. The forecast was slated for a rise from the last reading from 51.1 to 52.4 in March 2015. However, the outcome was above the expectation, as the German manufacturing PMI increased to 52.8.
Technical Outlook – Euro
The Euro was not at all impressed by the solid PMI releases in the Euro zone. The EURUSD pair fell towards the 1.0720 support area, and then managed to find bids. It has retraced some of the recent losses, but remains under pressure in the near term. On the upside, a swing resistance is at 1.0800.
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UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.
US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound
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