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German Manufacturing PMI disappoints- EUR/USD slips
Well, what did I say in the previous update about the German PMI data spoiling the party? Indeed that is what it has immediately done for the EUR/USD. The February flash manufacturing PMI missed estimates, falling to 42.3, from 45.5. The markets had expected a reading of 46.1. So there is no disguising the poor data and that did send the EUR/USD back towards 1.0850, from an earlier high at 1.0888. By the way that nailed the noted 50 day moving average. It now remains to be seen, if this German data will have a deeper impact, or the Euro will eventually brush this conflicting and poor data to one side. It has certainly pushed the DAX back off its record highs for the time being. The EUR/USD is just now trading at 1.0868
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