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Forex - EUR/USD edges higher after disappointing U.S. ISM PMI

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Investing.com - The euro edged higher against the dollar on Tuesday after disappointing U.S. manufacturing data on Monday raised concerns over the strength of the U.S. economic recovery.

EUR/USD hit 1.2877 during late Asian trade, the pair's highest since March 26; the pair subsequently consolidated at 1.2855, gaining 0.05%.

The pair was likely to find support at 1.2770, Monday's low and resistance at 1.2888, the high of March 26.

The Institute of Supply Management said its U.S. manufacturing purchasing managers' index declined to 51.3 in March, its lowest level since December, from 54.2 in February.

Analysts had expected the PMI to remain unchanged last month.

Sentiment on the euro remained fragile amid ongoing concerns over the situation in Cyprus and ongoing political uncertainty in Italy.

The euro was little changed against the pound, with EUR/GBP edging up 0.08% to 0.8442 but was lower against the yen, with EUR/JPY falling 0.49% to 119.21.

Spain and Italy were to release data on manufacturing activity later in the day, while the euro zone was to produce official data on the unemployment rate across the currency bloc.

The U.S. was to release a government report on factory orders.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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