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Forex News: Euro Declines As Eurozone PMI Hits 15-month Low

Euro Declines As Eurozone PMI Hits 15-month Low

05/04/2018 - 06:28:00 (RTTNews)

(RTTNews) - The euro weakened against its major counterparts in early European deals on Friday, as Eurozone economic activity expanded in April at the slowest pace since January 2017.

Final data from IHS Markit showed that the composite output index fell slightly to 55.1 in April from 55.2 in March. According to flash estimate, the index remained unchanged at 55.2 in April.

The services Purchasing Managers' Index dropped to 54.7 in April from 54.9 a month ago. The flash reading was 55.0.

Similarly, Germany's composite PMI came in at 54.6 in April, down from March's 55.1 and below the flash estimate of 55.3. The weaker expansion in services business activity in April offset a slight pick-up in the rate of manufacturing output growth.

Germany's services PMI slid to 53.0 from 53.9 in the previous month. This was the lowest since September 2016. The flash reading was 54.1.

Investors adopted a cautious stance ahead of the release of U.S. jobs report due later in the day.

The U.S. economy is expected to have added 192,000 jobs last month, after rising by 103,000 jobs in March. The unemployment rate is expected to dip to 4.0 percent from 4.1 percent.

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

The euro dropped to 1.1956 against the greenback, from a high of 1.1996 hit at 11:30 pm ET. The next possible support for the euro is seen around the 1.17 area.

The euro reversed from an early high of 0.8836 against the pound, falling to 0.8818. The euro is poised to challenge support around the 0.87 mark.

The 19-nation currency edged down to 130.39 against the yen, after rising to 130.93 at 5:00 pm ET. The euro is likely to find support around the 128.00 area.

The single currency weakened to 1.1937 against the Swiss franc, reversing from a high of 1.1965 seen at 3:15 am ET. Next key support for the euro is likely seen around the 1.18 level.

Looking ahead, U.S. jobs data and Canada Ivey PMI for April are scheduled for release in the New York session.

At 12:00 pm ET, New York Fed President William Dudley will discuss financial turmoil and the challenges ahead in an interview conducted by Matthew Winkler with Bloomberg News.

San Francisco Fed President John Williams will give remarks at the Hoover Institute's Monetary Policy Conference, hosted by Stanford University at 3:00 pm ET.

For comments and feedback: contact editorial@rttnews.com

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