EUR/USD closed in NY at $1.3210, having been pressed to lows in this session of $1.3178 from earlier highs in Europe of $1.3286. Rate edged higher in early Asia, the move influenced by EUR/JPY demand, marking a high at $1.3246 before faltering. Rate dropped back to $1.3215 on reaction to the release of weaker than expected HSBC China PMI data, but dip met willing buyers that took rate through the earlier high and on to $1.32486. Rate had drifted off highs into Europe as traders turned focus toward release of flash PMI data. Rate was moving lower ahead of French data, trading down to $1.3220 as release showed a weaker than forecast number which dropped rate below $1.3200 to retest Wednesday lows. German data was also weaker and influenced the rate to extended lows of $1.3135 before fresh demand emerged. A mix of buyers edged rate above $1.3160 with little reaction seen as Eurozone PMI data was also weak with rate settling between $1.3155/70. Rate was holding off lows ahead of NY but underlying tone remains heavy.
EasyForexNews Research Team