Forex – EUR/USD erases losses on strong E.Z. PMI reports

© Reuters. Euro eases off session lows vs. dollar as E.Z. data supports

Investing.com – The euro erased losses against the U.S. dollar on Friday, helped by the release of upbeat euro zone manufacturing and service sector activity data, while investors awaited a key .

eased off 1.0761, the pair’s lowest since Tuesday, to hit 1.0805, up 0.20%.

The pair was likely to find support at 1.0717, Tuesday’s low and resistance at 1.0825, Wednesday’s high and a six-week high.

Market research group Markit reported on Friday that its , which measures the combined output of both the manufacturing and service sectors, increased to a six-year high of 56.7 in March from the prior month’s reading of 56.0.

Analysts had expected the index to drop to 55.8.

The report came shortly after data showed that .

Meanwhile, sentiment on the dollar remained vulnerable after Trump warned House Republican lawmakers that he will leave Obamacare in place and move on to tax reform if they do not approve new healthcare legislation in a vote on Friday.

The healthcare vote is seen by investors as a test of his ability to implement key campaign promises such as tax reform and infrastructure spending.

The euro was also higher against the pound, with gaining 0.44% to 0.8650.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Comments

comments