StockMarketWire.com - The EUR has begun to edge higher after a flurry of Purchasing Managers Index (PMI) releases this morning.
The most notable gains are being seen in the EUR/JPY currently trading at ¥119.43, off a daily low of ¥117.56 seen in the Asia session (1am GMT). A target area of ¥119.61 looks set to present the next area of resistance. The pair remain above both it's 50 and 100 simple moving averages (SMA).
EUR/USD responded to the upside, lifted by a better-than-expected German PMI data of 48.8, which still signifies an ongoing period of contraction for the German economy, but at a slower rate month-on-month.
A session high was realised at £0.8424 (pre-PMI releases), before retracing down to £0.8388 (a session low). The pair have since revisited daily highs, and look to be consolidating around £0.8402 and £0.8415. Strength indicators suggest a further move to the upside, supported by bullish indicators from both 50 and 100 MA's. Story provided by StockMarketWire.com
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