Forex: EUR/USD muted after French data

The bloc currency posted no reactions after French flash manufacturing and services PMI came in short of expectations for the month of February, falling to 43.6 and 42.7 vs. 43.8 and 44.5, respectively.

Next on tap would be the preliminary PMI results of the German economy, ahead of the auction of 10-year Obligaciones in the Spanish debt market.

At the moment, EUR/USD is down 0.12% at 1.3267 facing the next support at 1.3236 (hourly low Feb.21) followed by 1.3200 (psychological level) and then 1.3039 (low Jan.10).
On the other hand, a break above 1.3367 (MA10d) would bring 1.3440 (MA21d) and finally 1.3456 (high Feb.14).

Feb 21, 2013

France Feb Markit Services PMI decreases to 42.7

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Feb 21, 2013

Forex Flash: Fed minutes reveal heightened debate over policy – UBS

According to Research Analyst Garth Berry at UBS, “The Fed Minutes yesterday revealed that like many other central banks globally, debate over policy is rising, in some cases to boiling point. Despite the launch of numerical targets, it appears that the 2013 FOMC is demanding more flexibility on policy execution.” The dollar found bids as the minutes showed 'a number of' FOMC members saw a need for early slowing of stimulus, regardless of economic performance. However, the Fed as a whole is not in any risk of moving beyond debates, as opposed to the BoE, whose minutes yesterday showed deep splits in policy direction and forward implementation.

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