Forex: EUR/USD spiked 1.3080 on French PMI

FXstreet.com (Barcelona) - The shared currency climbed to the area of 1.3075/80 after the preliminary French manufacturing PMI for the month of April rose to 44.4, exceeding estimates at 44.3 and up from March’s 44.0. The prints eclipsed the poor Business Climate from the second economy of the bloc, falling to 88 in April from91 previous.

German and EMU manufacturing PMI are next, both expected to stay put at 49.0 and 46.8, respectively during April.

At the moment, the cross is up 0.04% at 1.3072 with the next resistance at 1.3130 (high Apr.19) followed by 1.3202 (high Apr.16) and finally 1.3229 (50% of Feb-Apr slide).
On the flip side, a breakdown of 1.3015 (low Apr.22) would open the door to 1.3001 (low Apr.17) and then 1.2969 (MA21d).

Apr 23, 2013

Asian markets fall on disappointing China HSBC PMI, Europe eyeing Markit PMI

Equity indexes in Asia had a risk-off day, with Mainland China’s Shanghai Composite (-2.60%) being hit the hardest after disappointing HSBC flash manufacturing PMI at 50.5 (mkt 51.5). “This downside miss gives credence to PBoC Governor Zhou weekend remarks about China is now aiming for "lower, sustainable growth". Consensus and the major institutions such as IMF still expect 8+% GDP growth this year, so there’s more work to do to lower expectations. TD at 7¾%”, wrote TD Securities analysts.

Forex Flash: Chinese data miss triggers weakness – UBS

China's HSBC PMI data came out weaker this morning in Asia, falling from 51.5 to 50.5. Coupled with the USD/JPY slipping back below 99.00, stock markets have fallen across the region. Later today Purchasing Managers' Indices are released across Europe. These will be closely followed to see if the renewed slowdown in the Eurozone is gathering pace. UBS Economics expects April's flash estimates will show further weakness with Germany's manufacturing data likely to decline from 49.0 to 48.0 and services from 50.9 to 50.0.