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Forex: EUR/USD dives back to lows as US session unfolds

FXstreet.com (Barcelona) - The EUR/USD failed to fully retrace losses to its opening price of 1.2935 and dropped again towards its lows as US data was released and the NY session opened. The pair has gone to as low as 1.2883, just three pips above the daily low.

Analysts were expecting the preliminary release for March of Markit manufacturing PMI to come at 55.0 but actual data didn’t reach that figure, staying at 54.9 after rising from 54.3. During the Europe-an morning, the preliminary release of Markit PMI data in March was the main focus. Disappointing France Markit PMI figures had manufacturing PMI at 43.9 vs 44.3 consensus and services PMI at 41.9 vs 44.0 consensus. German data saw manufacturing dropping from 50.3 to 48.9 (consensus of 50.5) and ser-vices fell from 54.7 to 51.6 (consensus of 55.0). The EMU Composite PMI down from 47.9 to 46.5 (consen-sus of 48.2).

After rising 0.2% in January, the US CB Leading Indicator rose by 0.5% in February, beating consen-sus of 0.4%.
From 4.94M (revised from 4.92M) to 4.98M in February, existing home sales disappointed analysts as consensus expectations were at 5.00M.

Beating consensus of -2.0, Philadelphia Fed Manufacturing Survey rose from -12.5 to +2 in March.

Natural Gas Storage dropped -62B in the week ending at March 15, following a -145B drop in the week before.
Already out was labor market data. US initial jobless claims rose from 334K (revised from 332K) to 336K in the week ending at March 17, still better than the expected 342K. Continuing claims of March-10 disappointed as it rose from 3.048M (revised from 3.024M) to 3.053M (consensus of 3.050M). Soon, US manufacturing and housing data will be published.

“In the 4 hours chart technical readings continue to grind lower in negative territory, supporting the overall bearish trend”, wrote FXstreet.com independent analyst Valeria Bednarik. “Break below daily low at 1.2880 is needed to confirm a short term continuation, while once below 1.2840, further slides are to be expected over the upcoming days”, she added, pointing to sellers around 1.2950/70 to prevent the upside.

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