Forex trading news and economic data 24 July 2015
Another slow start to the morning cranked up a gear with the European data. France set the tone as manufacturing went into contraction and it didn’t get any better for Germany and the Eurozone as a whole. Both lost momentum but remain in expansion at least. The euro wasn’t interested in excuses and from just under 1.100 we dropped to 1.0970, then 1.0960 on France, to 1.0940 on Germany, followed by 1.0930 as the market decided to dump euros. The fact that the Eurozone main number wasn’t entirely bad saw the bottom put in and we went back to test 1.0950. We finish the session asleep at 1.0947
ForexLive European FX wrap Eurozone PMI’s keep the recovery waiting a little longer
