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Forex: EUR/USD around 1.2865/70 after Spanish data

FXstreet.com (Barcelona) - The Spanish labour market surprised investors on Tuesday after the Unemployment Change dropped by 5K in March, crushing estimates at 30.2K and markedly lower that February’s 59.4K. Despite the good news, more than 5 million people in the Mediterranean country still face difficulties to find a job. Continuing with the Spanish data, the manufacturing PMI dropped to 44.2 in the same period, softer than the 45.8 expected and 46.8 previous.

Next on tap will be the key final figures of the manufacturing PMI in euro zone members and the bloc as a whole, ahead of EMU and Italian jobless rate.

EUR/USD is now up 0.16% at 1.2869 with the next resistance at 1.2886 (MA200d) ahead of 1.2890 (high Mar.260 and finally 1.2943 (MA21d).
On the other hand, a breach of 1.2751 (low Mar.27) would open the door to 1.2730 (low Nov.19) en route to 1.2680 (61.8% of 1.2042-1.3711).

Spain Mar Markit Manufacturing PMI decreases to 44.2 vs 46.8

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Emmanuel Ng of OCBC Bank notes that the dollar was whittled lower against the majors on Monday on the back of a moderating ISM reading.
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