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by ForexNewsNow Team on August 23, 2010

EUR/USD falls for fourth day after German manufacturing PMI

Euros; EUR real time forex news FX rate German manufacturing PMINEW YORK (Forex News Now) – The euro fell against the U.S. dollar for a fourth day on Monday, after a report showed that German manufacturing activity slowed more than forecast in August.

In early European currency market trading, EUR/USD struck 1.2694, down 0.13 percent on the day.

The Markit market research company said index of purchasing managers in Germany’s manufacturing sector slid to 58.2 during the month, down from 61.2 in July. Analysts had expected August’s figure to come in 60.9, two real time forex news outlets reported.

According to eur usd analysis, EUR/USD was likely to touch immediate support around the low of July 13, 1.2523, and encounter resistance around the high of Aug. 18, 1.2922.

FX traders, meanwhile, awaited further reports on the manufacturing and service sectors in the entire euro zone, as well as data on consumer confidence in the 16-nation region.

Elsewhere, the euro fell versus sterling: EUR/GBP traded at 0.8152, down 0.37 percent.

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