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EUR/USD saved for now by better German PMI data

Well, that is markets for you folks. The German PMI data has just now been released and it was a little better than forecast. The manufacturing PMI reading rose to 39.8 from 39.1 and better than the 39.5 read that was expected. The service sector PMI data was similar to that, and actually better, rising to 49.8 from 47.3 and against an expected read of 47.1. Hence, the EUR/USD rebounded on this news, from a new interim low at 1.0615, to as high as 1.0652 so far. The DAX has rebounded on this news too, but as yet still to make a sustained recovery back above its 200 day moving average. There will be more to add on that a little later. Meantime, the EUR/USD is just now trading at 1.0646

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