FOREX TradingCharts.com

Forex News: Euro Falls As Eurozone Manufacturing Growth Slows

Euro Falls As Eurozone Manufacturing Growth Slows

05/02/2018 - 06:01:00 (RTTNews)

(RTTNews) - The euro slipped against its major counterparts in the European session on Wednesday, after a data showed that Eurozone factory growth slowed to a 13-month low in April.

Final data from IHS Markit showed that the final Purchasing Managers' Index fell to a 13-month low of 56.2 in April from 56.6 in March. The flash reading was 56.0.

Germany's headline IHS Markit/BME manufacturing PMI slid to 58.1 in April from 58.2 in March. This was the lowest reading for nine months and matched the flash estimate.

Preliminary flash estimate from Eurostat showed that the euro area economy expanded at a slower pace in the first quarter.

Gross domestic product grew 0.4 percent sequentially in the first quarter, slower than the 0.7 percent expansion seen in the fourth quarter. The rate came in line with expectations.

The currency showed mixed trading against its major rivals in the European session. While it rose against the greenback and the pound, it held steady against the franc and the yen.

Pulling away from a 1-1/2-month peak of 0.8831 against the pound, the euro eased back to 0.8792. Next key support for the euro is likely seen around the 0.86 level.

Survey data from IHS Markit showed that U.K. construction sector rebounded in April from the weather-related disruptions seen in March.

The Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index rose to 52.5 in April from a 20-month low of 47.0 in March.

The 19-nation currency retreated to 131.75 against the yen and 1.1993 against the greenback, from its early highs of 132.12 and 1.2032, respectively. The euro is likely to find support around 130.00 against the yen and 1.18 against the greenback.

The single currency reversed from an early high of 1.1960 against the franc, easing back to 1.1939. The next possible support for the euro is seen around the 1.18 area.

Survey data from the State Secretariat for Economic Affairs showed that Switzerland's consumer confidence weakened in April.

The consumer confidence index fell to 2 in April from 5 in January. The score is forecast to drop slightly to 4 in April.

The euro slid to 1.5379 against the loonie, its lowest since February 8. The euro is poised to challenge support around the 1.52 mark.

The common currency weakened to near a 2-week low of 1.5961 against the aussie and an 8-day low of 1.7070 against the kiwi, from its early highs of 1.6040 and 1.7145, respectively. If the euro continues its fall, 1.58 and 1.69 are possibly seen as its next support levels against the aussie and the kiwi, respectively.

Looking ahead, at 8:15 am ET, ADP private sector employment data for April is scheduled for release.

The Federal Reserve's interest rate announcement is due at 2:00 pm ET. Economists widely expect the Fed to keep federal funds rate unchanged at 1.50 - 1.75 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Trading Mixed After Early Gains Erode (08 hr(s), 32 min(s), 12 sec(s) ago)
(RTTNews) - The dollar got off to a positive start Friday, but has since pared its early gains. Th ...Full Story»

Loonie Declines After Tame Canada Inflation Data, Dismal Core Retail Sales (13 hr(s), 26 min(s), 12 sec(s) ago)
(RTTNews) - The Canadian dollar fell against its major counterparts in the European session on Fri ...Full Story»

Loonie Retreats After Canada Retail Sales, CPI (14 hr(s), 50 min(s), 12 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada has released Canada retail sales for March and ...Full Story»

Loonie Climbs Ahead Of Canada Retail Sales, CPI (14 hr(s), 59 min(s), 12 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada will release Canada retail sales for March and ...Full Story»

Pound Slides Against Majors (15 hr(s), 44 min(s), 12 sec(s) ago)
(RTTNews) - The pound weakened against its major rivals in European deals on Friday, as sentiment ...Full Story»

Euro Little Changed After Eurozone Trade Data (18 hr(s), 20 min(s), 11 sec(s) ago)
(RTTNews) - At 5:00 am ET Friday, Eurostat has released Eurozone trade data for March. The euro ch ...Full Story»

Euro Mixed Ahead Of Eurozone Trade Data (18 hr(s), 26 min(s), 12 sec(s) ago)
(RTTNews) - At 5:00 am ET Friday, Eurostat releases Eurozone trade data for March. Economists expe ...Full Story»

Pound Falls Against Majors (19 hr(s), 14 min(s), 12 sec(s) ago)
(RTTNews) - The pound declined against its major counterparts in early European deals on Friday. ...Full Story»

Search

FOREX NEWS

Dollar Trading Mixed After Early Gains Erode

05/18/2018 - 14:52 PM (RTTNews)
(RTTNews) - The dollar got off to a positive start Friday, but has since pared its early gains. Th ...Full Story>>

Loonie Declines After Tame Canada Inflation Data, Dismal Core Retail Sales

05/18/2018 - 09:58 AM (RTTNews)
(RTTNews) - The Canadian dollar fell against its major counterparts in the European session on Fri ...Full Story>>

Loonie Retreats After Canada Retail Sales, CPI

05/18/2018 - 08:33 AM (RTTNews)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada has released Canada retail sales for March and ...Full Story>>

Loonie Climbs Ahead Of Canada Retail Sales, CPI

05/18/2018 - 08:26 AM (RTTNews)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada will release Canada retail sales for March and ...Full Story>>

Pound Slides Against Majors

05/18/2018 - 07:41 AM (RTTNews)
(RTTNews) - The pound weakened against its major rivals in European deals on Friday, as sentiment ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.