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by ForexNewsNow Team on September 30, 2010

EUR USD analysis: Euro erases gains after Chicago PMI data

EUR USD analysis - a pile of eurosNEW YORK (Forex News Now) – The euro erased gains versus the dollar on Thursday, falling from a fresh 5-month high, after a survey showed that manufacturing activity in the Chicago area improved unexpectedly in September.

In late U.S. currency market trading, EUR/USD hit 1.3623, down 0.03 on the day, after retreating from 1.3683, its highest since April 12.

The Institute for Supply Management-Chicago, a trade group, said earlier that its Chicago Business Barometer shot up to 60.4 in September from 56.7 in August. Analysts had expected a decline to 56 percent in September, according to two currency market trading news outlets.

According to EUR USD analysis, EUR/USD was likely to touch support around the daily low, 1.3381, and encounter resistance around the high of March 17, 1.3818.

The euro’s earlier gains came on the back of an upbeat report on German unemployment and after data showed euro zone banks are relying less on funds from the European Central Bank.

Elsewhere, the euro slid versus the yen: EUR/JPY traded at 113.77, down 0.25 percent, according to intraday analysis.

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