The euro opened U.S trading at 1.2999 (8:00 am ET) after the currency had faded from the European high of 1.3045. Eurozone final manufacturing PMI at 48.3, released four hours earlier had been the best reading since last February. But European names slowly sold the united currency down to 1.3000 where the selling accelerated dropping to the days low of 1.2956 at the 21 day moving average.
U.S. manufacturing PMI issued at 10:00 am at 49.0 was unexpectedly below 50 and the worst level since June 2009 and it brought a quick reversal in the euro's fortunes. The euro climbed from 1.2971 to 1.3038 in just under thirty minutes. It consolidated between 1.3020 and 1.3040 for another 30 minutes and then shot rapidly higher as stops above the prior high of 1.3043 were executed. From the first breech of 1.3043 to the ultimate high at 1.3108, close to the 100 day moving average at 1.3115, the final move took just twelve minutes. It was the highest the euro has been against the dollar since May 9th.
After the London close at noon the euro gyrated between 1.3080 and 1.3100 with one brief foray to 1.3103 before subsiding to a few points around 1.2075 for the final two hours of the session.