Article by Investazor.com
Yesterday economic indicators published for the Euro Area were mixed. The Spanish Manufacturing PMI was published in line with the estimates, 52.8 and the Italian Manufacturing PMI was also in line with analysts’ estimates. These two happened to equilibrate very well the other two positive indicators published. German Unemployment Change was better than official estimates, just like I was anticipating, and the Unemployment Rate for the Euro Zone was 0.1% lower.
My expectations were of in line with this drop. Even though the good news helped a bit the Euro to maintain its position, the actual rally came only at the publication of ISM Manufacturing PMI for the US, which was lower than expected. Overall the price was contain between 1.3745 and 1.3815 at the end of the day.
See yesterday analysis: EUR/USD Forecast And Price Action for April 1st;
Today the Euro was pushed higher before the London opening and the publishing of the Spanish Unemployment Change. Even though this indicator dropped 16.6K, very good news for the Spanish labor market, the price started to drop right at the opening of the Exchange. Continue this article to see what to expect for today and the price action analysis for the EURUSD currency pair.
The following are expected next:
Second day for the ECOFIN Meetings. These are usually held in Brussels and attended by Finance Ministers from EU members states. They discuss a range of financial issues, such as euro support mechanisms and government finances.
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