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Euro made small gains to 1.3040 after PMI data

Posted by Chris Advincula on Jun 3, 2013 7:03:00 AM

June 3 Monday 11:15 GMT

LONDON – The euro made small gains against the dollar in Europe and rose by 38 points to the session high of 1.3043 from 1.3005 after the manufacturing data in the euro zone showed some improvement which implied a slower pace of contraction in May.  Germany’s Final Manufacturing PMI rose to 49.4 in May, slightly higher than the median forecast of 49.0 compared to 45.5 in April.

The euro however, pared its gains to 1.3010 as profit-taking quickly ensued as the New York session entered. Trading has been light and subdued.  The market focus this week would be on the ECB meeting and rate decision on Thursday, where some speculate a chance for the ECB to cut its refinancing rate.

The 21-day moving average rose modestly to 1.3025 from 1.3010. The 60-day moving average converged with the 21-day MA at 1.3020.

Chris Advincula



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