EUR/USD – Higher as Markets Wait for US Employment Numbers

EUR/USD has moved higher in Thursday trading, as the pair trades in the mid-1.30 range. The markets were treated to bad news out of Spain, as the Unemployment Rate hit a new record of 27.2%. In the US, the bad news continued as Core Durable Goods looked weak. Today's highlight is US Unemployment Claims, and the markets will be hoping that this market-mover beats expectations.

German releases have had a dismal week, and this is putting pressure on the euro. The euro took it on the chin on Tuesday, dropping sharply as German PMIs missed their estimates. Manufacturing PMI dropped from 48.9 points to 47.9 points, a four-month low. It was well short of the estimate of 49.0 points. Services PMI fared even worse, falling from 51.6 points to 49.2 points. This was well short of the estimate of 51.1 points. This meant that both PMIs were below the 50 level, indicating contraction in the services and manufacturing sectors. On Wednesday, German IFO Business Climate dropped sharply,...