During European trade session the euro advanced against the US dollar on more optimistic data, regarding the Manufacturing PMI data in Euro zones first three largest economies.
EUR/USD pair rose by over 40 pips to 1.3044 right after these indicators were announced. Support levels were expected in the 1.3000-1.2950 range, while resistance was likely to be met at 1.3055-1.3075.
Earlier today it became clear that Manufacturing Purchasing Managers Index (PMI) in Spain rose to 48.1 during May, surpassing the projected 45.5 and the preceding month reading at 44.7.
Minutes later Manufacturing Purchasing Managers Index (PMI) in Italy also showed improvement to 47.3 in May, while the estimated value was 45.8 and the April reading was 45.5.
In France Manufacturing Purchasing Managers Index (PMI) also registered a positive change to 46.4 in May, above expectations for 45.5, which was also the reading during April.
German Manufacturing Purchasing Managers Index (PMI) was on higher levels as well, reaching 49.4 in May, above estimates for 49.0, which was also the value during the preceding month.
Final Manufacturing Purchasing Managers Index (PMI) in the Euro zone, as a whole, recorded an increase to 48.3 during May, surpassing the projected value of 47.8. In April the indicator showed 47.8.
Data implied that manufacturing activity diminished at a slowest pace during May for over a year, as Germanys manufacturing sector was close to stability. Contraction rate in Spain and Greece was significantly slower. These indicators gave a breath of hope for Euro zone manufacturing sector, as a potential development in export may cause refreshing effect upon the economy.
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