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

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

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