Forex - EUR/USD at session lows after U.S. ISM report


Shutterstock photo - The euro was trading at session lows against the dollar on Monday after the the Institute for Supply Management said manufacturing activity in the U.S. expanded at the fastest rate since April 2011 in November.

EUR/USD was down 0.40% to 1.3535, the lowest since November 26, from 1.3590 on Friday.

The pair was likely to find support at 1.3400 and resistance at 1.3615, the session high.

The ISM said its manufacturing purchasing managers' index rose to 57.3 in November from 56.4 in October. Analysts had expected the index to fall to 55.0.

The report said both production and new orders rose by around 3 points to 62.8 and 63.6 respectively. The employment component of the index indicated some improvement in the labor market in November, rising by more than 3 points to 56.5.

The euro slid earlier after mixed euro zone manufacturing data underlined concerns over the economic outlook for the region.

Revised data showed that the euro zone manufacturing PMI rose to a two year high of 51.6 last month from October's 51.3, slightly higher than a preliminary estimate of 51.5.

However, Spain's manufacturing sector contracted for the first time since July last month, while the French manufacturing sector contracted for the 21st straight month.

The euro was trading close to five year highs against the yen, with EUR/JPY easing up 0.11% to 139.34, near Friday's high of 139.69.

Elsewhere, the euro was trading close to the lowest since January against sterling, with EUR/GBP down 0.23% to 0.8280.

The pound strengthened after data showed that activity in the U.K. manufacturing sector expanded at the fastest rate in 33 months in November.

The U.K. manufacturing PMI rose to 58.4, the highest level since February 2011, from an upwardly revised 56.5 in October. Analysts had expected the manufacturing PMI to tick down to 56.0.

The new orders component of the index jumped to 64.6, the highest in almost 20 years, from 61.3 in October. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing Forex and Currencies
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