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Forex News: Euro Mixed After Eurozone PMI

Euro Mixed After Eurozone PMI

10/03/2019 - 06:33:00 (RTTNews)

(RTTNews) - The euro showed mixed trading against its major counterparts in the European session on Thursday, after the release of a data that showed euro area private sector expanded at the slowest pace in more than six years in September.

Final data from IHS Markit showed that the final composite output index fell to 50.1 in September from 51.9 in August. The reading was below the flash estimate of 50.4.

The services Purchasing Managers' Index came in at 51.6, down from 53.5 in the previous month and the flash 52.0.

Germany's composite PMI fell to an 83-month low of 48.5 from 51.7 a month ago. The flash score was 49.1. Signaling the weakest growth for three years, the services PMI slid to 51.4 from 54.8. The reading was below the preliminary 52.5.

European stocks were mixed as bargain hunters stepped in after a two-day rout on worries over slowing global growth.

The downside remained limited after the size and scope of the new U.S. tariffs in retaliation over EU aircraft subsidies were reduced considerably from a $25 billion list floated by Washington earlier this year. The tariffs excluded cognac, champagne and leather goods.

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

The euro advanced to an 8-day high of 1.0974 against the greenback and held steady thereafter. The pair ended Wednesday's deals at 1.0959.

The euro retreated to 117.28 against the yen, from an early high of 117.65.This may be compared to a multi-week low of 117.25 hit in the Asian session. At yesterday's close, the pair was worth 117.46.

The latest survey from Jibun Bank showed that Japan services sector continued to expand in September, albeit at a slower rate, with a PMI score of 52.8.

That's down from the 22-month high of 53.3 in August, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

The single currency spiked up to a 2-week high of 1.0974 against the franc from yesterday's closing value of 1.0925. If the euro rises further, 1.12 is seen as its next resistance level.

The euro held steady against the pound, after having retreated to 0.8895 from a high of 0.8922 hit at 2:30 am ET. The pair was trading at 0.8906 at yesterday's close.

Looking ahead, at 8:30 am ET, Federal Reserve Governor Randal Quarles will deliver a speech titled "The Financial Stability Board at 10 Years" at the European Banking Summit in Brussels.

In the New York session, U.S. weekly jobless claims for the week ended September 28, durable goods orders for August and ISM non-manufacturing composite index for September are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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