Europe Is on Holiday Today

"Europe is on holiday today"Euro  against the greenback is in sideways around 1.3166, following yesterday’s jump from 1.3058 to resistance at 1.3185 as the US dollar weakened.

Chicago PMI reported below 50, at 49.0 indicating contraction in April while the figure was expected at 52.5, increasing selling pressure on the US dollar.

Europe is on holiday today and the currency pair would most likely remain in 1.3185/1.3147 tight range, ahead of ECB meeting tomorrow and expected rate cut.

Elsewhere, Chinese Manufacturing PMI was reported at 50.6 for April, slightly lower than expected and down from 50.9 in March. The latter weighed on risk appetite early today with that AUDUSD falling from 1.0380 to 1.0352.

The USDJPY attempted to dip lower as the greenback was weakening but downside hurdle at 97.03 maintained ground with prices recently rebounding to 97.41.

Lastly, the Canadian was stronger due to higher growth than estimated with the USDCAD steadily declining in recent trading from cap at 1.0275 to lower barrier at 1.0056.

Ani Stepanyan

Ani is the one responsible mostly for finance related articles. Despite it she will never hesitate to spice up the article or write about more general topics to entertain. Ani is very friendly and outgoing, she is always ready to cheer up and lighten the atmosphere.

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