EUR/USD initially broke higher in early North American trading today but the rally failed near highs posted in the Asian session and a sharp decline that followed briefly broke the pair below the 1.1800 handle. The US PCE price index was reported to rise 1.4% in the year to June to beat the analyst estimate of 1.3% and against a revised 1.5% in the year to May that was originally reported as 1.4%. The positive surprise did not have much of an impact on the dollar or the currency pair. Manufacturing PMI’s were released shortly after the PCE price index data. The Markit manufacturing PMI ticked higher to 53.3 in July ... (full story)