The euro moves up against the US dollar as data predicts
growth in the European manufacturing sector. Adding to the positive sentiment
is the data showing decline in the unemployment in Germany, one of the largest
economy of Europe.
The market saw a session high of 1.3802 for the EUR/USD
which later stabilized at 1.3796, leading to an increase of 0.18% for the day.
Speculation for the support level is 1.3724 and the resistance is 1.3807.
With the final manufacturing PMI of the Euro zone remaining
confidently above the key level of 50.0 since July last year and the
preliminary reading for March at 53.0, the expansion in the sector is
imminently seen.
In addition to the expansion in the manufacturing sector of
Germany, the manufacturing sector of France jumped from the level of
contraction to expansion with the PMI reading at 52.1 in March, moving up from
the 49.7 level in the previous month.
Some more advancement on the manufacturing sector was that
of Italy with PMI readings of 52.3 in February to 52.4 in March and Spain with
PMI readings of 52.5 in February to 52.8 in March.
The data supporting the German unemployment rate at 6.7 %
added some more positive sentiment for the Euro on the Forex market.
The 30-share BSE Sensex was down 32.71 points at 29,614.71 and the Nifty down 6.80 points at 9,166.95. About two shares advanced for every share falling on the BSE.capitalstars
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