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May 23 - 07:55 AM

EUR/USD - Unexpected Strength Of PMIs Lifts EUR/USD

By Jeremy Boulton  —  May 23 - 06:10 AM
  • German manufacturing PMI rises to 45.4 in May from 42.5 beating 43.1 f/c

  • Result was above the peak for all forecasts made by 27 polled by Reuters

  • German service PMI also beat f/c and composite rose to 52.2 from 50.6

  • Manufacturing PMI for the eurozone rose to 47.4 from 45.7

  • EUR/USD which dropped to 1.0813 EBS after soft French PMI rose to 1.0848

  • Rise above May 22 high at 1.0863 now needed to excite

  • Strong support at 200-DMA 1.0788 and daily Ichi cloud 1.0760-90

  • Current conditions continue to favour carry trades nL1N3HQ0K2

Source:
Refinitiv IFR Research/Market Commentary

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