Back
21 Feb 2013
Forex: EUR/JPY tumbles on Markit PMIs
Still ahead of EMU flash February PMI, investors are already pricing in French and German data. Already down below its opening price since early in the day, the European session is allowing the EUR/JPY to tumble steadily below the 124.00 mark towards. For now, the daily low is 123.20.
Flash February German manufacturing PMI turned expansionary as expected, but instead of rising from 49.8 to 50.5, it only rose to 50.1. Services PMI eased from 55.7 to 54.1 (consensus of 55.5).
French manufacturing data improved from 42.9 to 43.6 and services PMI eased from 43.6 to 42.7. EMU Markit PMI is next in line.
UBS analysts are bullish on the EUR/JPY: “The cross is consolidating, with support at 122.90 ahead of 122.38”, wrote analyst Gareth Berry, pointing to resistance at 125.90 ahead of 127.92.
Flash February German manufacturing PMI turned expansionary as expected, but instead of rising from 49.8 to 50.5, it only rose to 50.1. Services PMI eased from 55.7 to 54.1 (consensus of 55.5).
French manufacturing data improved from 42.9 to 43.6 and services PMI eased from 43.6 to 42.7. EMU Markit PMI is next in line.
UBS analysts are bullish on the EUR/JPY: “The cross is consolidating, with support at 122.90 ahead of 122.38”, wrote analyst Gareth Berry, pointing to resistance at 125.90 ahead of 127.92.