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Forex News: Euro Slides As Eurozone Business Activity Slows To

Euro Slides As Eurozone Business Activity Slows To 1-1/2-yr Low

05/23/2018 - 05:31:00 (RTTNews)

(RTTNews) - The euro drifted lower against its major counterparts in early European deals on Wednesday, as Eurozone private sector grew at the slowest pace in one-and-a-half years in May.

Flash survey data from IHS Markit showed that the composite output index dropped to an 18-month low of 54.1 in May from 55.1 in April. The score was forecast to remain unchanged at 55.1.

The manufacturing PMI slid more-than-expected to 55.5 from 56.2 in April. Economists had forecast the index to drop to 56.1.

In Germany, the private sector activity expanded at the weakest pace in twenty months in May.

The composite output index dropped to 53.1 in May from 54.6 in April.

The manufacturing PMI came in at a 15-month low of 56.8 in May, down from 58.1 in April. The expected score for the month was 57.9.

Caution prevailed after U.S. President Donald Trump said he was "not really" pleased with the U.S.-China trade talks so far and that there was a "substantial chance" his planned summit with North Korean leader Kin Jong-un in June may not work out.

The euro dropped against its most major opponents in the Asian session, as investors became cautious about U.S.-China trade talks.

The euro slipped to 1.1699 against the greenback, its lowest since November 2017. On the downside, 1.15 is likely seen as the next support for the euro.

Reversing from an early high of 0.8782 against the pound, the euro fell to a 2-day low of 0.8739. The next possible support for the euro is seen around the 0.86 level.

The single currency weakened to 128.48 against the yen, a level unseen since August 2017. If the euro continues its fall, 126.00 is possibly seen as its next support level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity remained flat in March.

The all industry activity index was flat in March after rising 0.4 percent in February. Economists had forecast a 0.1 percent increase for March.

The 19-nation currency declined to near a 3-month low of 1.1600 against the Swiss franc, after having advanced to 1.1697 at 5:30 pm ET. Next key support for the euro is likely seen around the 1.14 level.

The euro retreated to 1.6972 against the kiwi, 1.5077 against the loonie and 1.5547 against the aussie, from its early 5-day high of 1.7062, 2-day highs of 1.5139 and 1.5619, respectively. The euro is poised to challenge support around 1.68 against the kiwi, 1.49 against the loonie and 1.54 against the aussie.

Looking ahead, Markit's U.S. preliminary manufacturing PMI for May, new home sales for April and Eurozone advanced consumer confidence for May are due in the New York session.

At 2:00 pm ET, the Fed releases minutes from the May 1-2 meeting.

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