EUR/USD gains on Spain PMI beat, manufacturing expansion accelerates
EUR/USD has strengthened 0.2% to 1.0845 following Spain's better-than-expected Manufacturing PMI reading of 52.1 for October, surpassing forecasts of 51.7 and September's 51.5. The data indicates accelerating expansion in Spain's manufacturing sector, driven by stronger output growth and increased new orders. This marks continued improvement above the 50.0 expansion threshold, supporting euro strength against the dollar. The report highlighted dissipating price pressures, which could influence ECB policy considerations, while employment levels showed a slight decline. Technical indicators show EUR/USD testing resistance at 1.0850, with support established at 1.0820. The positive Spanish data adds to recent eurozone economic resilience, potentially limiting further ECB rate cuts. Traders should monitor upcoming German and French PMI releases for broader eurozone manufacturing trends.
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