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Forex News: Euro Bounces Off Versus Most Majors After German

Euro Bounces Off Versus Most Majors After German PMI

07/24/2018 - 05:02:00 (RTTNews)

(RTTNews) - The euro came off from its early lows against its most major counterparts in early European deals on Tuesday, as Germany's private sector activity expanded at the fastest pace in five months in July led by a stronger increase in manufacturing output.

Flash data from IHS Markit showed that the composite output index climbed to 55.2 from 54.8 in June. The score was expected to remain at 54.8. The pace of expansion was the fastest since February.

The services Purchasing Managers' Index dropped slightly to 54.4 from 54.5 a month ago. The services PMI was also forecast to remain stable in July, at 54.5.

The factory PMI rose unexpectedly to 57.3 from 55.9 in June. The reading was forecast to drop to 55.5.

Sentiment lifted up after the State Council, China's cabinet, said the country would adopt a more 'vigorous' fiscal policy to support the economy.

In another development, Beijing said it has no intention to devalue the yuan to help exports.

The currency traded mixed against its major counterparts in the Asian session. While it held steady against the pound and the franc, it fell against the yen and the greenback.

The single currency recovered to 130.13 against the yen, from more than a 2-week low of 129.74 hit at 3:00 am ET. The euro is likely to find resistance around the 133.00 level.

The latest survey from Nikkei showed that the manufacturing sector in Japan continued to expand in July, albeit at a slower pace, with a 20-month low manufacturing PMI score of 51.6.

That's down from 53.0 in June, although it remains above the boom-or-bust line of 50- that separates expansion from contraction.

Having fallen to a 4-day low of 1.1655 against the greenback at 3:00 am ET, the euro reversed direction and rose to 1.1705. On the upside, 1.19 is likely seen as the next resistance level for the euro.

The 19-nation currency edged up to 1.1622 against the Swiss franc, reversing from near a 3-week low of 1.1596 seen at 3:00 am ET. If the euro extends rise, 1.18 is possibly seen as its next resistance level.

On the flip side, the euro slipped to a 5-day low of 0.8908 against the pound, from yesterday's closing value of 0.8923. The next possible support for the euro is seen around the 0.88 level.

Looking ahead, U.S. house price index for May and Markit's U.S. manufacturing PMI for July are set for release in the New York session.

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