Euro Dropped on Weaker PMI

"Euro Dropped on Weaker PMI"The common currency against the US dollar, i.e. Euro, fell on Tuesday from 1.3062 finding support 1.2971. Later on Tuesday evening the currency pair returned back to 1.3020.

Earlier today, Australia’s Consumers Price Index annually displayed increase by 2.5% in the 1st quarter, less than expected 2.8% but higher than previous quarter through December.

The US dollar index gained ground towards resistance at 83.07. In general US companies reported firmly stronger than estimated earnings on Tuesday underpinning US equities to close in green with S&P advancing by 1.04%. The latter helped Asian equities to move to higher ground also reinforced by speculation of monetary easing, NIKKEI rose by 2.32%. The USDJPY surged from 98.48 to upside hurdle at 99.73 to enter in the intraday in 99.73/99.19 range, at the moment is trading at 99.59 staying close to peaks.

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