Ramon Ramirez Posted May 1, 2012 Report Posted May 1, 2012 The single currency rose 0.30% against sterling after the announcement of the latest figures for the UK's PMI. The purchasing managers index came out worse than expected, dropping to 50.5 (instead of 51.5) from 51.9. Yesterday, the EMU's CPI came short of expectations at 2.6% while the M3 money supply grew more than expected, reaching YoY growth of 3.2%. Retail sales in the EMU's biggest economy, Germany, have grown MoM and YoY by 0.8% and 2.3%, respectively. At the same time, S&P downgraded 16 Spanish banks, which could push a sell off on the euro. The pair is currently trading at 0.8180, below 0.8504 (200 SMA), facing resistance at 0.8170, ahead of 0.8186 and 0.8210, according to Fxstreet.com pivot points on technical tools. On the downside, there is support at 0.8130, before 0.8106 and 0.8090.
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