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EUR/USD Under Pressure on PMIs, But Support Seen Scant

EUR
  • EUR/USD shedding around 30 pips on the back of that German PMI release, pushing the pair to new daily lows at 1.0661 and prompting a reversion back below the 50-dma of 1.0680.
  • Pair still holding the bulk of yesterday's solid rally, which has helped extend a run of higher lows to four consecutive sessions, making support light until 1.0604 and into 1.0572.
  • Eurozone PMIs next at 0900BST, but unlikely to swing the needle as much as the German figure - leaving the machinations in the US yield curve as the likely driver through the morning: 10y yields just off the new pullback low of 4.7976%.

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