The euro opened at 1.3688 mid-way in the what has become typical this summer, a very narrow Tokyo and Londan range, 1.3679-1.3697.
EMU and German PMIs were a bit light, 51.8 vs. 51.9 and 52.0 vs 52.4, the French was a stronger though still in contraction, 48.2 vs. 47.8. The combination brought the euro to 1.3694, its European high at the time. Over the next hour it dropped back to 1.3680 only to surge sharply higher to its European high on EMU unemployment which fell 0.1% to 11.6%.
The initial part of the U.S. session was quiet confined to a 1.3682-91 range. June manufacturing ISM provided a bit of excitement with the euro running up to 1.3700 on the weaker than expected overall number 55.3 vs. 55.9 and then recovering on the improved new orders 58.9 June vs 56.9 May. Stable employment at 52.8 and lower prices 58.0 vs 60.0 helped the dollar.
The 200 day moving average at 1.3675 limited the bottom for a second day but with the ECB meeting and U.S employment data on Thursday, traders can look forward to limited volatility until those major events are out of the way. The euro closed at 1.3678.