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Forex News: Euro Rises On Upbeat German PMI

Euro Rises On Upbeat German PMI

03/24/2017 - 06:29:00 (RTTNews)

(RTTNews) - The euro strengthened against the other major currencies in the European session on Friday, after data showed that Germany registered the fastest rate of private sector output growth in nearly six years at the end of the first quarter of 2017.

Data from IHS Markit showed that the composite output index of Germany rose for the second straight month in March, to 57.0 from 56.1 in February. This was the highest score since May 2011.

The services Purchasing Managers' Index climbed more-than-expected to 55.6 in March from 54.4 in February. The services activity growth hit a 15-month high. The expected score was 54.5.

The factory PMI climbed unexpectedly to 58.3 from 56.8 in February. The score was forecast to fall to 56.5. Also, the eurozone private sector reached a near six-year high in March. The composite output index rose to 56.7 in March from 56.0 in February. The latest reading was the highest since April 2011. Economists had forecast the index to fall to 55.8.

The flash services Purchasing Managers' Index improved unexpectedly to 56.5 from 55.5 in February. The score was forecast to fall to 55.3.

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

In the European session, the euro rose to a 2-day high of 1.0807 against the U.S. dollar, from an early 3-day low of 1.0760. The euro may test resistance near the 1.09 region.

Against the pound, the Swiss franc and the yen, the euro edged up to 0.8649, 1.0719 and 120.17, from early lows of 0.8608, 1.0703 and 119.52, respectively. If the euro extends its uptrend, it is likely to find resistance around 0.88 against the pound, 1.08 against the franc and 122.00 against the yen.

Against the Australian, the New Zealand and the Canadian dollars, the euro advanced to nearly a 2-week high of 1.4181, 1-week high of 1.5415 and a 2-day high of 1.4440 from early lows of 1.4097, 1.5308 and 1.4377, respectively. The euro is likely to find resistance around 1.43 against the aussie, 1.55 against the kiwi and 1.45 against the loonie.

Looking ahead, Canada CPI for February, U.S. durable goods orders for February, Markit's U.S. flash manufacturing PMI for March and U.S. Baker Hughes rig count data are slated for release in the New York session.

At 8:00 am ET, Federal Reserve Bank of Chicago President Charles Evans is expected to speak at the Federal Reserve System Community Development Research Conference, in Washington DC.

At 9:05 am ET, Federal Reserve Bank of St. Louis President James Bullard will give a presentation on the U.S. economy and monetary policy before the Economic Club of Memphis Economic Briefing, in Memphis, U.S.

At 10:00 am ET, Federal Reserve Bank of New York President and CEO William Dudley will participate in a fireside chat with business and economics students at York College, in New York.

At 11:30 am ET, Canadian Finance Minister Bill Morneau will give a speech in Toronto.

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