TheÂ euro today rallied slightly against theÂ US dollar recovering most ofÂ its initial losses against theÂ greenback inÂ theÂ early toÂ mid-European sessions. TheÂ EUR/USD currency pair rallied higher inÂ theÂ early American session despite theÂ release ofÂ theÂ positive US ADP employment report.
TheÂ EUR/USD currency pair rallied from aÂ low ofÂ 1.1671 inÂ theÂ late Asian session toÂ aÂ high ofÂ 1.1700 inÂ theÂ early American session.
TheÂ release ofÂ several PMI prints from across theÂ euro area byÂ IHS Markit seemed toÂ boost theÂ currency pair. TheÂ release ofÂ theÂ Markit France Manufacturing PMI, which came inÂ atÂ 53.3 versus theÂ market expectation ofÂ 53.1 boosted theÂ single currency. TheÂ Markit Eurozone Manufacturing PMI, which was recorded atÂ 55.1 inÂ line with consensus estimates, also boosted theÂ currency pair. TheÂ Markit Italy Manufacturing PMI, which came inÂ atÂ 51.5 versus theÂ expected 53.0, had aÂ muted impact onÂ theÂ pair. TheÂ Markit/BME Germany Manufacturing PMI also came inÂ atÂ 56.9 missing expectations byÂ 0.4 andÂ had aÂ negative impact onÂ theÂ currency pair.
TheÂ currency pair rallied higher following theÂ release ofÂ theÂ upbeat ADP employment report. TheÂ ADP report indicated that theÂ American private sector added 219,000 new jobs asÂ opposed toÂ theÂ consensus estimate ofÂ 186,000 new jobs.
TheÂ currency pair’s short-term performance is likely toÂ be affected byÂ theÂ release ofÂ theÂ US ISM manufacturing andÂ employment reports asÂ well asÂ theÂ FOMC interest rate decision, both scheduled forÂ later today.
TheÂ EUR/USD currency pair was trading atÂ 1.1690 asÂ atÂ 13:00 GMT having dropped from aÂ high ofÂ 1.1700 earlier today. TheÂ EUR/JPY currency pair was trading atÂ 130.84 having risen from aÂ low ofÂ 130.59.
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