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Mid-Day Report: Euro Mildly Lower on Weaker than Expected PMIsEuro weakens mildly against dollar today on weaker than expected PMI data. Eurozone PMI manufacturing was unchanged at 52.5 in July but PMI services dropped to 53.8. German PMI manufacturing dropped to 51.5 while services PMI dropped to 53.7. Chief economist at Markit noted that "Eurozone economic growth lost only slight momentum in July amid the roller coaster events of the Greek debt crisis during the month." And, "amongst all that tension, the fact it has held up at a reasonable rate of growth is pretty encouraging." Also, "more recently there have been positive developments so we may see some upturn in growth next month." Nonetheless, "the weak euro is not bringing all the benefits that everyone was hoping for ... but on the other hand there is very weak demand in many parts of the world." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.0930; (P) 1.0974 (R1) 1.1026; More EUR/USD dips mildly today but stays above 1.0807 support and intraday bias remains neutral. As noted before, the corrective structure of current decline argues that it's a leg inside the consolidation pattern from 1.0461. Hence in case of another fall, we'd be cautious on strong support above 1.0461 to bring reversal. Meanwhile, break of 1.1215 resistance will bring stronger rise back to 1.1436/66 resistance zone. |
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