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Forex: EUR/USD dives after German PMI

Despite a PMI pace above 50.0 in Germany, the EUR/USD is diving to new lows as investors digest Markit PMI data. From 1.3260, the pair is extending below 1.3240, already down to 1.3220.

Flash February German manufacturing PMI turned expansionary as expected, but instead of rising from 49.8 to 50.5, it only rose to 50.1. Services PMI eased from 55.7 to 54.1 (consensus of 55.5).

French manufacturing data improved from 42.9 to 43.6 and services PMI eased from 43.6 to 42.7. EMU Markit PMI is next in line.

“Key support at 1.3202, the 7 month uptrend, is exposed and a close below here is required to negate the up move completely”, wrote Commerzbank analyst Karen Jones. “Please note given strength of the US Dollar elsewhere this is looking increasingly likely”, she added,

Germany Markit Services PMI falls to 54.1 in Feb from 55.7

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Germany: Flash PMI Manufacturing shows modest growth in February

Preliminary German PMI Manufacturing increased to 50.1 points in February, from 49.8 points in January, according to data released today by Markit. The result is slightly below market consensus of 50.5 points.
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