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Forex News: Euro Retreats After Eurozone PMI Data

Euro Retreats After Eurozone PMI Data

07/05/2017 - 05:53:00 (RTTNews)

(RTTNews) - The euro erased its early gains against its major rivals in early European deals on Wednesday, even as Eurozone business activity expanded more than initially estimated in June.

Final data from IHS Markit showed that the composite output index fell to a four-month low of 56.3 in June from 56.8 in May, but above the flash estimate of 55.7.

The services Purchasing Managers' Index dropped less-than-estimated to 55.4 in June from 56.3 in May. The flash reading was 54.7.

Germany's composite PMI came in at 56.4 versus 57.4 in May. The score was above the flash 56.1. Data signaled the weakest growth of private sector output since February.

Indicating the slowest expansion since January, the final services PMI slid to 54.0 from 55.4 in May. The initial estimate was 53.7.

Meanwhile, European shares are trading mixed amid lingering geopolitical tensions and investors looked ahead to the release of minutes of the Fed's June meeting later in the day and the outcome of G20 summit, beginning in Germany on Friday.

The euro was trading higher against its major counterparts in the Asian session.

The euro dropped to 1.1318 against the greenback, a weekly low. This may be compared to Tuesday's closing value of 1.1346. The next possible support for the euro-greenback pair is seen around the 1.12 region.

The euro, having advanced to a 5-day high of 0.8809 against the pound at 3:15 am ET, reversed direction and eased back to 0.8772. Continuation of the euro's downtrend may see it challenging support around the 0.87 mark.

Survey data from IHS Markit and Chartered Institute of Procurement & Supply showed that the UK service sector expanded at a slower pace in June on the weakest upturn in new work since last September.

The services Purchasing Managers' Index dropped to 53.4 in June from 53.8 in May.

After touching nearly 2-month peak of 1.0965 against the Swiss franc at 4:20 am ET, the euro pulled back to 1.0951. If the euro-franc pair extends slide, 1.08 is possibly seen as its next support level.

Reversing from an early 1-1/2-year high of 129.08 versus the yen, the euro eased back to 128.54. The euro may possibly challenge support around the 127.00 level.

Survey from Nikkei showed that Japan's services sector activity continued to expand in June, and at a faster rate, with a PMI score of 53.3.

That's up from 53.0 in May, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Looking ahead, U.S. factory orders and durable goods orders for May are set for release in the New York session.

At 2:00 pm ET, the Federal Reserve releases minutes from the June 13-14 monetary policy meeting.

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