Euro Falls Amid Weak German, Eurozone PMI Data
The euro was lower against its major rivals in the European
session on Friday, following a data showing a contraction in
business activity in Germany and the euro area, sparking fears
about an economic downturn in the currency bloc.
Flash survey data from S&P Global showed that Eurozone
private sector activity contracted in July as output and new orders
fell to their lowest levels since February 2021. The flash
composite output index declined to a 17-month low of 49.4 in July
from 52.0 in June. Economists had forecast a score of 51.
The services PMI dropped to a 15-month low of 50.6 in July from
53 in June. The expected reading was 52. The manufacturing PMI also
shrank to a 25-month low of 49.6 in July from 52.1 in June. The
index was forecast to fall to 51.
Separate data showed that German private sector activity
deteriorated more-than-expected in July, and logged the worst
performance for over two years amid weaker domestic and export
The flash composite output index dropped to a 25-month low of
48.0 in July from 51.3 in June. The index was forecast to fall to
The services Purchasing Managers' Index fell to a seven-month
low of 49.2 in July from 52.4 in the prior month. The score was
forecast to fall to 51.2.
The manufacturing PMI also decreased to a 25-month low of 49.2
in July from 52.0 in June. The expected score was 50.6.
The euro weakened to a 4-day low of 139.39 against the yen and a
9-day low of 0.9811 against the franc, down from its early highs of
140.69 and 0.9886, respectively. The currency is likely to face
support around 136.00 against the yen and 0.97 against the
The euro touched 3-day lows of 1.0130 against the greenback and
0.8487 against the pound, falling from its previous highs of 1.0231
and 0.8527, respectively. The euro may locate support around 0.985
against the greenback and 0.83 against the pound.
Retreating from its prior highs of 1.6392 against the kiwi and
1.4769 against the aussie, the euro dipped to 2-1/2-month lows of
1.6269 and 1.4667, respectively. The euro is seen finding support
around 1.60 against the kiwi and 1.43 against the aussie.
The euro fell to 1.3052 against the loonie, its lowest level in
eight days. If the euro slides further, 1.29 is possibly seen as
its next support level.
Looking ahead, Canada retail sales for May will be featured in
the New York session.
Euro vs CHF (FX:EURCHF)
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