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Forex News: Euro Mixed After Eurozone PMI Data

Euro Mixed After Eurozone PMI Data

07/03/2017 - 05:38:00 (RTTNews)

(RTTNews) - The euro was trading mixed against its major opponents in early European deals on Monday, following the release of data showing strong growth in Eurozone factory activity to the fastest rate in over six years in June.

Final data from IHS Markit showed that Eurozone June manufacturing activity exceeded the initial estimate, reflecting improved performances across major economies.

The final manufacturing Purchasing Managers' Index rose to 57.4 in June from 57.0 in May. The score was slightly above the flash estimate of 57.3.

Separate data showed that the German manufacturing sector continued to grow at the strongest rate in over six years.

Germany's headline IHS Markit/BME PMI rose unexpectedly to 59.6 in June from 59.5 in May. The PMI rose for the sixth time in seven months. The initial estimate was 59.3.

Meanwhile, European shares rose, with banks and energy shares pacing the gains amid higher oil prices. Traders focus on this week's G20 summit, the Wednesday release of Fed minutes and the U.S. nonfarm payrolls report for more direction.

Ahead of this week's G20 summit in Hamburg, German Chancellor Angela Merkel said that leaders should focus on sustainable and inclusive economic growth, rather than their own prosperity.

She appears to be heading toward a collision with U.S. President Donald Trump on several issues such as climate change, trade and migration.

The euro showed mixed performance in the Asian session. While the currency rose against the yen and the franc, it held steady against the pound. Against the greenback, it dropped.

The euro climbed to a 4-day high of 128.62 against the Japanese yen, from a low of 127.95 hit at 5:00 pm ET. The next possible resistance for the euro-yen pair is seen around the 130.5 region.

The latest survey from Nikkei showed that Japan's manufacturing sector continued to expand in June, although at a slower rate, with a manufacturing PMI score of 52.4.

That's down from 53.1 in May, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

The single currency, having advanced to 1.1427 against the greenback at 6:00 pm ET, reversed direction and dropped to a 4-day low of 1.1375. If the euro extends decline, 1.11 is likely seen as its next support level.

Reversing from an early 1-1/2-month high of 1.0957 against the franc, the euro edged down to 1.0924. The euro is poised to target 1.08 as the next support level.

The 19-nation currency bounced off to 0.8779 against the pound, from its early nearly 2-week low of 0.8757. The pair ended last week's trading at 0.8759.

Survey results from IHS Markit and Chartered Institute of Procurement & Supply showed that the UK manufacturing sector expanded at the weakest pace in three months in June.

The factory Purchasing Managers' Index fell to 54.3 in June from revised 56.3 in May. The expected reading was 56.5.

Looking ahead, U.S. manufacturing PMI reports for June and construction spending for May are slated for release in the New York session.

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