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Euro Fell to 1.3525 Against Firm Dollar and Weak Spanish PMI

Posted by Chris Advincula on Dec 2, 2013 7:32:00 AM

euro.12.2 resized 600

Chart: WorldWideMarkets Alpha Trader 

 

The euro fell 90 points to 1.3525 from 1.3615 in Europe against the stronger dollar and as European stocks are lower after a choppy start after the China’s Purchasing Managers’ Index was 51.4 slightly higher than the 51.2 forecast was released on Saturday. A separate gauge from HSBC today was 50.8 above the 50.5 forecast. Both PMI numbers suggested that China’s manufacturing is stable.

The better than expected Euro zone manufacturing PMI reading of 51.6 in November from 51.5,  failed to provide support to the euro as it slipped to the session low of 1.6365 from 1.6425. The weak Spanish PMI reading of 48.6 in November versus 50.9 last month dragged the euro lower in the session.

Political tensions with China and Japan and Ukrain added support to the dollar. U.S. Vice President Joe Biden will travel to Asia on a delicate mission to calm military tensions between Japan and China on the disputed Sino-Japanese Islands. Yesterday, Ukrainian opposition leaders told President Viktor Yanukovich to resign with 1,000 demonstrators protesting against the integration with Europe. 

 

Support:              1.3515, 1.3498, 1.3490

Resistance:         1.3616, 1.3622, 1.3628

 

Chris Advincula

WorldWideMarkets, Ltd.

 

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