Forex Trading News – Euro zone PMI – Manufacturing

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Forex Asia Review - Euro temporarily retreats from recent losses; Euro debt woes still persistThe German Purchasing Manager Index – Manufacturing was announced today fractionally below the forecasted value. The Index was announced at 52.0, while the forecast was for 52.1, the reading for June was the same as the expectation. Furthermore, the Markit economics announced the Zone’s PMI – Manufacturing which was in line with the expected and the previous value at 50.4. The July reading is the weakest since October 2009. Despite the soft news the EURUSD pair has gained some 25 pips to climb to 1.4418 amid uncertainty in the markets. The pair is currently trading lower at 1.4407, with good support seen at the 1.4370 area. Investors are mainly focusing today on the Euro zone Unemployment rate which will be announced in approximately half hour.