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Forex News: Euro Advances On Strong Eurozone Factory Growth

Euro Advances On Strong Eurozone Factory Growth

10/24/2017 - 05:54:00 (RTTNews)

(RTTNews) - The euro strengthened against its key counterparts in early European deals on Tuesday, as Eurozone factory activity accelerated to an 80-month high in October.

Flash survey data from IHS Markit showed that the factory PMI rose to 58.6 from 58.1 in September. The reading was expected to decline to 57.7. The big-two eurozone economies of France and Germany drove growth during October, comfortably outperforming the rest of the single-currency area. Meanwhile, the flash composite output index fell more-than-expected to 55.9 in October from 56.7 a month ago.

Separate data showed that France's private sector activity expanded at the fastest pace in nearly six-and-a-half years in October.

The composite output index climbed to 57.5 in October from 57.1 in September. Any reading above 50 indicates expansion in the sector

European shares are mixed amid a plethora of earnings reports and investors looked ahead to Thursday's ECB meeting for directional cues.

The currency rose against its major rivals in the Asian session, with the exception of the pound.

The euro bounced off to 1.1767 against the greenback, from a low of 1.1743 hit at 3:15 am ET. The next possible resistance for the euro-greenback pair is seen around the 1.19 region.

The euro advanced to 0.8919 against the pound, compared to Monday's closing value of 0.8902. Continuation of the euro's uptrend may see it challenging resistance around the 0.905 level.

The single currency that closed yesterday's trading at 133.27 against the yen edged up to 133.76. The euro is seen finding resistance around the 135.00 mark.

The latest survey from Nikkei showed that Japan's manufacturing sector continued to expand in October, albeit at a slightly slower pace, with a manufacturing PMI score of 52.5.

That's down from 52.9 in September, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The euro reversed from an early 4-day low of 1.1566 against the Swiss franc, rising to 1.1600. Further uptrend may take the euro to a resistance around the 1.19 region.

The euro strengthened to near a 2-month high of 1.4899 versus the loonie, 11-day high of 1.5126 against the aussie and a 1-1/2-year high of 1.6995 against the kiwi, off its early lows of 1.4855 and 1.5038, and a 5-day low of 1.6793, respectively. If the euro rises further, it may find resistance around 1.50 against the loonie, 1.71 against the kiwi and 1.53 against the aussie.

Looking ahead, Markit's preliminary U.S. manufacturing PMI for October is set for release in the New York session.

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