Investing.com – The euro trimmed losses against the U.S. dollar on Monday amid thin, quiet trade as markets in London, the regions currency trading center, remained closed for the post New Year holidays.
EUR/USD retreated from 1.3249, the pair’s lowest since December 29, to hit 1.3309 during European early afternoon trade, shedding 0.57%.
The pair was likely to find support at 1.3082, the low of December 29 and resistance at 1.3423, the high of December 31.
Earlier Monday, a report showed that manufacturing activity in the euro zone increased more than initially forecast in December, rising to an 8-month high.
Research group, Markit said that its euro zone manufacturing PMI rose to a seasonally adjusted 57.1 in December, compared to a preliminary reading of 56.8.
Analysts had expected the manufacturing PMI to rise to 56.9 in December.
The level of the PMI has remained above the neutral 50.0 mark for 15 months in a row.
“Germany remained the star performer, seeing near-record growth, followed by France”. Chris Williamson, chief economist at Markit said. “The data suggests that the manufacturing recovery may be broadening out to help lift economic growth outside of the French-German core in early 2011.”
Meanwhile, the euro was up against the pound, with EUR/GBP climbing 0.34% to hit 0.8603.
Later in the day, the U.S. was to publish key ISM manufacturing data.
EUR/USD retreated from 1.3249, the pair’s lowest since December 29, to hit 1.3309 during European early afternoon trade, shedding 0.57%.
The pair was likely to find support at 1.3082, the low of December 29 and resistance at 1.3423, the high of December 31.
Earlier Monday, a report showed that manufacturing activity in the euro zone increased more than initially forecast in December, rising to an 8-month high.
Research group, Markit said that its euro zone manufacturing PMI rose to a seasonally adjusted 57.1 in December, compared to a preliminary reading of 56.8.
Analysts had expected the manufacturing PMI to rise to 56.9 in December.
The level of the PMI has remained above the neutral 50.0 mark for 15 months in a row.
“Germany remained the star performer, seeing near-record growth, followed by France”. Chris Williamson, chief economist at Markit said. “The data suggests that the manufacturing recovery may be broadening out to help lift economic growth outside of the French-German core in early 2011.”
Meanwhile, the euro was up against the pound, with EUR/GBP climbing 0.34% to hit 0.8603.
Later in the day, the U.S. was to publish key ISM manufacturing data.