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EUR/USD clinches 1.1250 on PMIs

FXStreet (Edinburgh) - He single currency has started the week on the right footing vs. the greenback, now lifting EUR/USD to fresh session tops in the 1.1250/60 band.

EUR/USD eyes on PMIs

While market participants are still digesting the miserable prints from last Friday’s Non-farm Payrolls in the US economy (142K), the final figures from Services PMIs in Euroland has taken centre stage during the European morning, with both German and EMU readings coming in below expectations. Still in the euro area, next on tap will be the Sentix index ahead of EMU’s Retail Sales.

Spot is posting gains for the third consecutive session so far, as global markets keeps pushing back expectations of a Fed’s lift-off later in the year, which remain the main drag of the dollar so far.

EUR/USD levels to watch

As of writing the pair is advancing 0.34% at 1.1251 and a breakout of 1.1318 (high Oct.2) would target 1.1330 (high Sep.21) en route to 1.1373 (high Sep.14). On the flip side, the immediate support lines up at 1.1207 (low Oct.5) followed by 1.1150 (low Oct.2) ahead of 1.1135 (low Oct.1).

German services PMI revised lower

The final seasonally adjusted Markit Germany Services Business Activity Index dipped slightly from August’s five-month high of 54.9 to 54.1 in September.
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Eurozone services PMI drops to 7-month low in September

The Eurozone Services Business Activity Index posted 53.7 in September, a seven-month low and below the earlier flash estimate of 54.0.
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