Euro Rises As Eurozone Manufacturing Growth Improves; Draghi's Speech Eyed
02 Mai 2016 - 07:25AM
RTTF2
The euro strengthened against the other major currencies in the
early European session on Monday, after data showed that Eurozone
manufacturing growth improved marginally in April. Traders also
await the comments from European Central Bank President Mario
Draghi, due later in the day.
Data from Markit showed that the eurozone factory Purchasing
Managers' Index rose to 51.7 in April from 51.6 in March and above
the flash score of 51.5. It was also over the long-run survey
average of 51.4.
Germany's manufacturing PMI climbed to a three-month month of
51.8 in April from 50.8 in the prior month. But, it was just below
the flash score of 51.9.
In France, manufacturing downturn deepened in April. The factory
PMI slipped to 48.0 in April from 49.6 in the preceding month. The
flash estimate was 48.3.
In the Asian session today, the euro traded higher against its
major rivals.
In the early European trading, the euro rose to nearly a 7-month
high of 1.1484 against the U.S. dollar and nearly a 2-week high of
1.4415 against the Canadian dollar, from early lows of 1.1448 and
1.4367, respectively. If the euro extends its uptrend, it is likely
to find resistance around 1.15 against the greenback and 1.47
against the loonie.
Against the pound and the Swiss franc, the euro advanced to a
10-day high of 0.7855 and a 5-day high of 1.1007 from early lows of
0.7825 and 1.0968, respectively. The euro may test resistance near
0.81 against the pound and 1.10 against the franc.
The euro edged up to 1.5086 against the Australian dollar, from
an early low of 1.5041. This may be compared to an early 3-week
high of 1.5097. On the upside, 1.55 is seen as the next resistance
level for the euro.
Against the yen and the NZ dollar, the euro edged up to 122.24
and 1.6395 from early lows of 121.70 and 1.6342, respectively. The
euro may test resistance near 127.00 against the yen and 1.68
against the kiwi.
Looking ahead, U.S. manufacturing PMI for April and construction
spending data for March are due to be released in the New York
session.
At 10:00 am ET, European Central Bank President Mario Draghi is
expected to speak at the Asian Development Bank's 49th Annual
Meeting, in Frankfurt.
At 1:25 pm ET, Swiss National Bank Governing Board Chairman
Thomas Jordan is expected to speak about the euro and Swiss
monetary policy at the Europa Forum, in Luzern.
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