Euro advanced against US dollar on Purchasing Managers’ Index (PMI) data

EUR/USD pair rose gradually to a session high at 1.2878 during European trade session, after Purchasing Managers Index data was released for France and Germany.

The pair was expected to find support at 1.2800-1.2775, while resistance levels were expected near yesterday session highest value, at 1.2998-1.3020.

Earlier it was reported that Advance Manufacturing Purchasing Managers Index (PMI) in France improved during May, reaching 45.5, compared to 44.4 during the preceding month, and exceeded forecasts of 44.7.

Advance Services Purchasing Managers Index (PMI) in France remained unchanged during May at 44.3, while estimates showed sentiment towards a slight increase to 44.5.

Additionally, Advance Manufacturing Purchasing Managers Index (PMI) in Germany showed also improvement during May, standing at 49.0, exceeding forecasts for an increase to 48.5, while previous period reading was 48.1.

Advance Services Purchasing Managers Index (PMI) in Germany showed also a slight increase during May to 49.8, but below estimates for advance to 50.0, while previous period reading of this indicator was 49.6.

However, these indicators remained below 50.0, which showed still not so positive forecast for economic conditions in Euro zones first and second largest economies.