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Forex News: Euro Mixed After Eurozone PMI Data

Euro Mixed After Eurozone PMI Data

10/04/2017 - 05:36:00 (RTTNews)

(RTTNews) - The euro showed mixed trading against other major currencies in the European session on Wednesday, following the release of Eurozone private sector growth data in September.

Data from IHS Markit showed that the euro area-private sector ended the third quarter strongly as output growth accelerated to a four-month high, underpinned by new orders in September.

The euro area final services Purchasing Managers' Index climbed to 55.8 from 54.7 in the previous month. The flash reading was 55.6.

The composite output index rose to 56.7 in September from 55.7 a month ago. The score matched the preliminary estimate.

Germany's private sector registered its fastest growth in almost six-and-a-half years in September. The final composite output index improved to 57.7 from 55.8 in August. However, the score was slightly below the flash 57.8.

The final services PMI stood at 55.6, in line with flash estimate, but up from 53.5 in the previous month. The latest reading signaled the joint-fastest rate of expansion seen since the end 2015.

France's private sector expanded at the fastest pace in 76 months in September. The composite PMI rose to 57.1 from 55.2 a month ago. Nonetheless, the score was slightly below the flash 57.2.

Likewise, the services PMI came in at 57.0 versus 54.9 a month ago. The flash reading was 57.1.

In the Asian trading today, the euro held steady against its major rivals.

In the European trading, the euro fell to 1.1747 against the U.S. dollar, from an early 2-day high of 1.1779 and held steady thereafter.

Against the yen, the euro dropped to 132.24 from an early high of 132.63 and held steady thereafter.

Against the pound, the euro edged down to 0.8852 from an early high of 0.8879. If the euro extends its downtrend, it is likely to find support around the 0.86 region.

The euro advanced to 1.1454 against the Swiss franc, from an early 2-day low of 1.1424. The euro may find resistance around the 1.16 region.

In today's events, U.S. ADP private sector jobs data for September, U.S. markit's PMI for September, and U.S. crude oil inventories data are slated for release in the New York session.

At 1:15 pm ET, European Central Bank President Mario Draghi is scheduled to deliver opening remarks at the Inauguration of the ECB Visitor Center, in Frankfurt.

At 3:15 pm ET, Federal Reserve Chair Janet Yellen will deliver opening remarks at a community banking conference hosted by the Federal Reserve Bank of St. Louis.

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