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EUR/USD update (4th July 2012, 15:30)

The euro traded at $1.2575, down 0.22% this morning ahead of the European Central Bank meeting tomorrow. 

PMI services data out of the eurozone today showed the rate of decline in the private sector slowed, although investors' expectation for a rate cut did not change.

The common currency fell as German PMI services contracted for a second month with a reading of 49.9, down from 50.3 in May. However, the overall PMI services index for the eurozone improved slightly to 47.1 from 46.8 for the same period, although a figure of less than 50 signifies a contraction. Meanwhile, retail sales for the eurozone increased by 0.6% for May on a month-on-month. basis from a contraction of 1.4% previously.

Trading for EUR/USD is likely to be thin today in light of the US public holiday. According to technical charts, the currency faces strong resistance at the $1.2675 level with some support at $1.2370.
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EUR/USD update (4th July 2012, 15:30)

The euro traded at $1.2575, down 0.22% this morning ahead of the European Central Bank meeting tomorrow. 

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