Euro Mixed After Eurozone PMI
04 May 2016 - 3:19PM
RTTF2
The euro showed mixed trading against its major rivals in the
early European session on Wednesday, following the release of a
survey which showed that the Eurozone private sector expanded at a
slower pace as estimated in April.
Data from Markit showed that the services Purchasing Managers'
Index of euro area remained unchanged at 53.1, but below the flash
score of 53.2. The composite output index dropped marginally to 53
in April, in line with flash estimate, from 53.1 in March. The
index signaled expansion in each of the past 34 months.
Germany's private sector expanded at the slowest pace in 11
months in April. The composite PMI declined to 53.6 from 54 in
March. The flash score was 53.8. The final services PMI fell to a
6-month low of 54.5 in April from 55.1 a month ago. It was slightly
below the initial score of 54.6.
The French private sector recovered in April. The services PMI
increased to 50.6 from 49.9 a month ago. This was the highest score
in 5 months but below the flash estimate of 50.8.
In the Asian trading today, the euro held steady against its
major rivals.
In the early European trading, the euro rose to more than a
2-week high of 0.7924 against the pound, from an early low of
0.7893. The euro may test resistance near the 0.80 region.
Against the Swiss franc, the euro dropped to 1.0975 from an
early high of 1.0992. On the downside, 1.08 is seen as the next
support level for the euro.
The euro slipped to a 2-day low of 1.1469 against the U.S.
dollar, from an early low of 1.1511. The euro is likely to find
support around the 1.12 area.
Against the yen, the euro fell to 122.74 from an early 6-day
high of 123.50 and held steady thereafter. Looking ahead, at 6:15
am ET, Germany's Bundesbank President Jens Weidmann is expected to
speak at annual meeting of the Asian Development Bank in
Frankfurt.
In the New York session, U.S. ADP private sector employment data
for April, ISM non-manufacturing PMI data for April, U.S and Canada
trade data for March, U.S. factory orders and durable goods orders
for March and U.S. crude oil inventories data are slated for
release.
Euro vs Yen (FX:EURJPY)
Forex Chart
From Apr 2024 to May 2024
Euro vs Yen (FX:EURJPY)
Forex Chart
From May 2023 to May 2024