Euro Falls As Eurozone PMI Drops To 16-month Low
23 Mai 2016 - 7:59AM
RTTF2
The euro weakened against the other major currencies in the
European session on Monday, after data showed that the Eurozone
private sector growth weakened to a 16-month low in May.
Data from Markit showed that the Eurozone flash composite output
index fell unexpectedly to 52.9 in May, 16-month low, from 53 in
April. It was forecast to rise to 53.2.
The manufacturing PMI dropped to 51.5 in May from 51.7 in the
prior month. Economists had forecast the score to improve to
51.9.
The services Purchasing Managers' Index held steady at 53.1,
while it was expected to rise to 53.3.
In other economic news, data from Markit also showed that
Germany's composite output index rose to a 5-month high of 54.7 in
May from 53.6 in April. The flash services Purchasing Managers'
Index improved to 55.2 from 54.5 a month ago. It was also above the
expected reading of 54.6.
The manufacturing PMI came in at 52.4 in May, a 5-month high,
and up from 51.8 in the previous month. The expected score was
52.
In the Asian trading, the euro held steady against its major
rivals.
In the European trading, the euro fell to a 1-week low of 122.75
against the yen, from an early high of 123.64. The euro is likely
to find support around the 121.00 area.
Against the U.S. dollar and the pound, the euro dropped to
1.1200 and 0.7705 from early 5-day highs of 1.1243 and 0.7754,
respectively. If the euro extends its downtrend, it is likely to
find support 1.11 around against the greenback and 0.75 against the
pound.
The euro edged down to 1.1102 against the Swiss franc, from an
early high of 1.1124. On the downside, 1.10 is seen as the next
support level for the euro.
The euro fell to nearly a 3-week low of 1.6474 against the NZ
dollar, from an early high of 1.6588. The euro may test support
near the 1.62 area.
Against the Canadian dollar, the euro edged down to 1.4702 from
an early high of 1.4756. The next possible downside target level
for the euro is seen around the 1.44 area. Meanwhile, the euro rose
to a 4-day high of 1.5558 against the Australian dollar, from an
early low of 1.5476 and held steady thereafter.
Looking ahead, at 6:15 am ET, Federal Reserve Bank of St. Louis
President James Bullard speaks about the US economy and monetary
policy at the Official Monetary and Financial Institution Forum in
Beijing.
San Francisco Fed President John Williams will give a
presentation on evolving challenges and approaches to monetary
policy and their implications for fiscal policies targeted at
enhancing long-run growth, before the Council on Foreign Relations
in New York at 9:00 am ET.
Markit's U.S. flash manufacturing PMI for May is to be released
at 9:45 am ET.
At 10:00 am ET, Eurozone flash consumer sentiment index for May
is due.
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