FX Closing Comments

The Dollar took a hit today after strong PMI indexes in Europe this morning were matched by a weak ISM in the U.S. This state of events prompted a spat of short-covering, which triggered buy orders above 1.2080 and 1.2115 with EUR/USD reaching 1.2150 before slowing down. The firm PMI data today increases the likelihood that the ECB will raise in May, if not on Thursday. Look for euro-zone unemployment figures tomorrow.