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Forex: EUR/GBP gets below 0.8700 after Markit PMI

PMI data in the Eurozone countries including the EMU Composite figure have triggered a push below the 0.8700 line in the EUR/GBP. Previously holding just below 0.8740, the cross dropped below its opening price and is now -0.42% lower on the day as it trades at 0.8683. The current daily low is 0.8675.

EMU Markit PMI Composite eased from 48.6 to 47.3, against a rising consensus of 49.9. Markit manufacturing also disappointed by dropping from 47.9 to 47.8 (consensus of 48.5) and services PMI fell from 48.6 to 47.3 (consensus of 49.0). As expected, France figures underperformed Germany's and Germany got its manufacturing PMI above the 50.0 line, turning expansionary again. Just not as high as expected (50.1 vs 50.5 consensus).

“Dips lower should initial support at 0.8600 and remain well supported by the short term support line at 0.8567”, wrote Commerzbank analyst Karen Jones, with an upside bias to retest 0.8780/0.8830 near term (October 2011 high).

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