The US dollar rebounded from its recent losses against the Euro, as Euro dollar dropped sharply following strong manufacturing data out of the US coupled with weak employment data from the Euro-zone. US Manufacturing PMI posted a reading of 54.8, a ten-month high, and Manufacturing Prices stayed steady at 61.0, which was above the market forecast. This morning’s Euro-zone employment figures are not looking good, with Geman and Italian unemployment numbers both disappointing the markets. The Euro-zone unemployment rate, which could have affected the direction of EUR/USD with an unexpected reading, came in exactly as predicted by the markets, at 10.9%. Today’s key release is US Non-Farm Employment Change. The past two releases were weaker than predicted – will May bring better news?
Here’s an update on technicals, fundamentals and what’s going on in the markets.
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/eurusd-may-2-euro-tumbles-on-strong-us-pmi-weak-euro-zone-employment-figures/"]EUR/USD Tumbles on Strong US PMI, Weak Euro-zone Employment Figures[/URL][/I][/B]
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