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May 7, 2013
Forex: EUR/USD in highs around 1.3130
FXstreet.com (Barcelona) - The euro accelerates its upside through 1.3100 on Tuesday, hitting fresh intraday highs in the boundaries of 1.3130 after German Factory Orders expanded above estimates, triggering a sharp shift towards the risk-on trade amongst investors.
“The significant rise in manufacturing was surprising when compared to Germany’s PMI for March, which reached a 3-month low of 49.0 and indicated a decrease in sector activity… Following the 0.6% decline in GDP in Q4, the Bundesbank predicted in February that the economy will return to growth in the first quarter on improved industrial production”, commented Benjamin Spier at DailyFX Research.
At the moment, the cross is advancing 0.38% at 1.3125 with the next hurdle at 1.3141 (high May 6) ahead of 1.3160 (high May 3) and then 1.3220 (high May 2).
On the flip side, a dip beyond 1.3068 (low May 7) would aim for 1.3053 (low May 6) and finally 1.3033 (low May 3).
“The significant rise in manufacturing was surprising when compared to Germany’s PMI for March, which reached a 3-month low of 49.0 and indicated a decrease in sector activity… Following the 0.6% decline in GDP in Q4, the Bundesbank predicted in February that the economy will return to growth in the first quarter on improved industrial production”, commented Benjamin Spier at DailyFX Research.
At the moment, the cross is advancing 0.38% at 1.3125 with the next hurdle at 1.3141 (high May 6) ahead of 1.3160 (high May 3) and then 1.3220 (high May 2).
On the flip side, a dip beyond 1.3068 (low May 7) would aim for 1.3053 (low May 6) and finally 1.3033 (low May 3).