Euro currency pairs on the increase

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Euro Treading Water

The Euro is trading in a tight range against most of its major counterparts this morning, after data released earlier today indicated that the German manufacturing and services PMI dropped more than anticipated, while the Euro zone service sector activity slowed for March, casting doubt over the pace of economic recovery in the region. However, French manufacturing activity unexpectedly expanded to a 33-month high for March. With most data out for today, the US manufacturing PMI report will influence trading sentiment in the Euro-US Dollar pair later during the session. Additionally, investors will keep a tab on events unfolding in Eastern Europe for further direction to risk appetite.

In a largely volatile trading session on Friday, a better than expected Euro zone consumer confidence report limited the single currency’s losses against the greenback. The currency bloc’s consumer sentiment strengthened significantly for March to reach its highest level since November 2007, adding to signs that the Euro bloc’s economic recovery is gaining traction. Additionally, data indicated that the zone’s current account balance unexpectedly widened for January.

The signs appear to be that the currency does not have the legs to advance further. It remains, perhaps, an optimum time to be offloading euros.
Key Economic Events

UK Nationwide House Prices
US Chicago Fed National Activity Index
US Markit Manufacturing PMI
Eurozone Markit Manufacturing PMI
Eurozone Markit Composite PMI
Eurozone Markit Services PMI
Eurozone ECB's Linde Speaks in Spain Senate
China HSBC Manufacturing PMI

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Euro currency pairs on the increase

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