EURUSD dropped yesterday and closed at 1.3001. The Manufacturing Purchasing Managers Index in the Eurozone fell to a reading of 46.5 in April. In Germany the preliminary Manufacturing Purchasing Managers Index fell to a reading of 47.9 in April which is the lowest level in four months. The Business Confidence Index in France dropped to a reading of 88.0 in April. On the other side of the ocean the Manufacturing PMI in the United States dropped to a reading of 52.0 in April marking a six-month low. According to the Federal Reserve Bank of Richmond’s latest survey, manufacturing activity in the central Atlantic region declined to a reading of -6.0 in April. The New Home Sales in the US rose to 417K in February. Support for the EURUSD is seen at 1.2979 and resistance is seen at 1.3069. The HotForex Traders Board shows that 55 percent of the traders are long on the EURUSD.
GBPUSD
The Cable dropped yesterday and closed at 1.5239. In the United Kingdom the Public Sector Net Borrowing increased to 16.7 billion Sterling in March. The CBI Industrial Order Expectation slipped to a reading of -25 in April. The CBI Realized Sales report released today dropped to a reading of -1 in April. Support for the GBPUSD is seen at 1.5211 and resistance is seen at 1.5296. The HotForex Traders Board shows that 56 percent of the traders are long on the GBPUSD.
EURUSD trading near the 1.30 mark after disappointing data from the Eurozone.
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