Euro Ascends After Solid Manufacturing Data Set

By David Schutz,

THE TAKEAWAY: Euro-area March PMI manufacturing un changed; German index rises -> M anufacturing composite still locked in contraction range -> Euro strong on the day after yesterday’s solid Chinese manufacturing dat a

The Euro-area manufacturing sector experienced positive results overall in March, sending the single currency past yesterday’s highs against the dollar and bolstering bids intraday against the Yen. Although the all-inclusive composite index remainined unchanged from last month’s 47.7, Europe’s powerhouse Germany joined a number of peripheral nations in disclosing stronger than expected March data. A number below 50 indicates market contraction.

actual expected previous

The Euro found bids on the news in the aftermath of the better than expected Chinese manufacturing released overnight. The single currency registered a fresh session high against the US dollar and climbed against the Yen.
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Original Article: http://www.dailyfx.com/forex/market_alert/2012/04/02/European_PMI.html

DailyFX is the forex news and research arm of FXCM (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Currency trading involves significant risk of loss. Individual authors may hold positions in the currencies discussed in the article.