Breaking: EUR/USD tumbles on disappointing German Manufacturing PMI
|Markit's purchasing managers' index for the manufacturing sector came out at 44.5 points in the preliminary read for April, below 45 expected and only barely above 44.1 seen in March. The figures represent a deep and ongoing contraction in the locomotive of the euro-zone.
EUR/USD fell out of the tight trading range and falls below 1.1270. Support awaits at 1.1250 and 1.1210 and resistance is at 1.1330.
Here is how the move looks on the 15-minute chart:
Germany barely avoided a recession after the economy remained flat in Q4 and suffered a contraction in Q3.
The services sector had a better score of 55.6 points, above 55.1 expected. Nevertheless, Germany's industry is export-oriented. These exports prop up the euro zone's trade surplus and keep the common currency bid against the US Dollar.
The euro-zone PMI is due next.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.