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Forex: EUR/JPY tumbles on Markit PMIs

Still ahead of EMU flash February PMI, investors are already pricing in French and German data. Already down below its opening price since early in the day, the European session is allowing the EUR/JPY to tumble steadily below the 124.00 mark towards. For now, the daily low is 123.20.

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.

UBS analysts are bullish on the EUR/JPY: “The cross is consolidating, with support at 122.90 ahead of 122.38”, wrote analyst Gareth Berry, pointing to resistance at 125.90 ahead of 127.92.

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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The shared currency is posting fresh lows in the area around 1.3210/15 on Thursday, extending the bearishness after the post-FOMC rally in the greenback on Wednesday.
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