Intra-Day Market Moving News and Views
02 Mar 2015 09:50GMT
EUR/USD - 1.1208... The single currency found renewed buying at 1.1166 at European open n rose to 1.1213 in European morning, supported by the release of some upbeat manufacturing PMIs from the Eurozone together with cross-buying of euro vs sterling.
Italy and Germany manufacturing PMIs came in better-than-expected at 51.9 n 51.1 vs forecasts of 50.3 n 50.9 respectively.
Bids are now seen at 1.1970/80 n more below at 1.1950/60 with stops building up below there whilst initial offers are noted at 1.1240/50, suggesting further choppy trading is envisaged ahead of NY open.
This morning the single currency met renewed selling at 1.1245 on Friday due to dollar's broad-based strength on upbeat U.S. data n Fed officials' hawkish remarks. Euro further extended weakness to 1.1160 in Asian morning before recovering. Offers was now tipped at 1.1185-90 and more at 1.1200. On the downside, bids was located at 1.1160-50 with some stops seen below 1.1150.
Market players is focusing on the the European Central Bank (ECB) meeting on Thursday. Investors are keenly waiting for further details on its 1 trillion euro ($1.1 trillion) government bond-buying programme, which begins this month.
Economists expect the ECB will also decide whether to accept Greek government bonds as collateral for its direct funding, which the bank stopped doing at the start of February.
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