EUR/USD update (21st Sep 2012, 06:00)

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by Market Moves Staff

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During the US session, the euro continued to drift from its recent highs moving below the 1.30 level, as traders digested yet another depressing round of manufacturing and service PMIs out of Europe.

While German numbers were marginally stronger than expected, French and composite European numbers were again underwhelming, suggesting the Europe’s recessionary trajectory is showing little sign of improving.

Elsewhere, Spanish yields rose marginally by 8 basis points, even as Spain successfully auctioned €4.8 billion of bonds, surpassing a targeted range of €3.5-4.5 billion, with traders remaining hopeful that higher yields might force Spain into accepting the conditionality of the ECB’s support.

Having ended yesterday’s Australian session around the 1.2990 mark, the euro slid over the course of US trade to close at 1.2968. Upon resuming for Asian trade, the euro has stabilised to be currently siting in the low 1.2970s.

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