{"id":46149,"date":"2013-07-24T08:43:00","date_gmt":"2013-07-24T08:43:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-euro-gains-against-dollar-after-pmi-data\/46147\/"},"modified":"2013-07-24T08:43:00","modified_gmt":"2013-07-24T08:43:00","slug":"forex-market-update-euro-gains-against-dollar-after-pmi-data","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/forex-market-update-euro-gains-against-dollar-after-pmi-data\/46149\/","title":{"rendered":"Forex Market Update: Euro Gains Against Dollar After PMI Data"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>The euro climbed to a one-month high against the U.S. dollar on Wednesday after an economic survey showed that <a href=\"http:\/\/www.knowfinance.com\/euro-zone\/\" target=\"_blank\" rel=\"noopener\">euro zone<\/a>\u2019s manufacturing activities expanded sharply in July; however, any further gains are unlikely since the European Central Bank (ECB), through its \u2018forward looking guidance\u201d has already hinted at the continuation of accommodating policy.<\/p>\n<p><span id=\"more-46149\"><\/span><\/p>\n<p>The ECB President Mario Monti in his latest interest rate policy statement (announced in early July), had said that the bank will continue to adopt accommodating policy and probably further slash benchmark <a href=\"https:\/\/thestockmarketwatch.com\/markets\/bonds\/today.aspx\">interest rates<\/a> in order shore up the euro zone\u2019s economy.<\/p>\n<p>The euro-zone\u2019s purchasing manager\u2019s index (PMI) climbed its 18-month high level in July. The Index stood at 50.4, compared to 48.7 in June.<\/p>\n<p>Separately, PMI from both Germany and France also rose more-than-expected; prompting investors to cut bets against the common currency.<\/p>\n<p>Following the data releases, the euro edged up to trade at $1.3255, a level not recorded since June 21.<\/p>\n<p>According to Reuters, traders said that stop loss was triggered after the euro\/dollar pair breached $1.3050.<\/p>\n<p>\u201cThe PMI data has pushed the euro up \u2026 But we are still short euros as ultimately euro\/dollar is a relative monetary policy play. A rise above $1.33 is a sell,\u201d said Barclay\u2019s currency strategist, Chris Walker, according to Reuters.<\/p>\n<p>At last check, the euro gained 0.16% to trade at $1.31245.<\/p>\n<p>Against the yen, the dollar was up 0.60% to trade at yen100.03.<\/p>\n<p>The dollar index, a gauge on U.S. unit\u2019s performance against a basket of six major traded currencies, was mainly flat at 82.0.3.<\/p>\n<div class=\"nr_popular_placeholder\" data-permalink=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-euro-gains-against-dollar-after-pmi-data\/46149\" data-title=\"Forex Market Update: Euro Gains Against Dollar After PMI Data\"><\/div>\n<p><script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130728071801js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> <\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/cirrus-logic-shares-tumble-despite-56-jump-in-q1-revenue-crus\/46233\"><br \/>\nCirrus Logic Shares Tumble Despite 56% Jump in Q1 Revenue (CRUS)<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/amazon-com-miss-q2-expectations-amzn\/46231\"><br \/>\nAmazon.com Miss Q2 Expectations (AMZN)<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/expedia-shares-tumble-as-q2-profit-misses-estimates-expe\/46226\"><br \/>\nExpedia Shares Tumble as Q2 Profit Misses Estimates (EXPE)<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/activision-blizzard-shares-surge-as-company-buys-stake-back-from-vivendi-announces-new-capital-structure-atvi\/46224\"><br \/>\nActivision Blizzard Shares Surge as Company Buys Stake Back from Vivendi; Announces New Capital Structure (ATVI)<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-recover-in-late-trading-to-end-slight-higher\/46222\"><br \/>\nStocks Recover in Late Trading to End Slight Higher<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-but-gain-for-the-week-silver-prices-fall-sharply\/46220\"><br \/>\nGold Prices Settle Lower but Gain for the Week; Silver Prices Fall Sharply<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-u-s-dollar-at-5-week-low\/46217\"><br \/>\nForex Market Update: U.S. Dollar at 5-Week Low<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130728071801im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script--><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>The euro climbed to a one-month high against the U.S. dollar on Wednesday after an economic survey showed that euro 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