Forex: EUR/USD higher despite Spanish PMI

The shared currency is eying 1.3055/60 on Tuesday despite the services PMI print in Spain fell to 44.7, below estimates at 46.0 and January’s print at 47.0
Ahead in the day, Italy, France, Germany and the EMU would publish their final services PMI results, ahead of the EMU’s Retail Sales during January.

At the moment, EUR/USD is advancing 0.20% at 1.3053 with the next hurdle at 1.3065 (hourly cloud top) followed by 1.3101 (high Mar.1) and then 1.3140 (MA10d).
On the flip side, a breakdown of 1.2967 (low Mar.1) would aim for 1.2929 (low Dec.11) and finally 1.2910 (76.4% of Nov.-Feb. rise).

Mar 5, 2013

Spain Markit Services PMI declines to 44.7 in Feb from 47 in Jan

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Mar 5, 2013

Forex Flash: Little scope for surprises in final reading of February Services PMI – TD Securities

TD Securities analysts have their eyes on the services PMI data for February, but as the flash readings had the bigger downside surprises, little change is expected from the final estimates released today. “As was the case with the manufacturing PMIs, we’ve gone from a trend of mostly downward revisions to more upward revisions on average heading into 2013, and seeing another small nudge higher here would make the ECB a little more comfortable with leaving rates on hold at this week’s meeting and waiting to see how the recovery progresses”, wrote analyst Alvin Pontoh.

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