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Forex News: Euro Strengthens As Eurozone Private Sector Growth Hits

Euro Strengthens As Eurozone Private Sector Growth Hits 6-1/2-yr High

11/23/2017 - 05:29:00 (RTTNews)

(RTTNews) - The euro firmed against its major opponents in early European deals on Thursday, as business activity across the euro area strengthened in November, in a sign that the economic growth is gathering momentum in the final quarter of the year.

Flash survey data from IHS Markit showed that Eurozone headline composite output index increased to 57.5 in November from 56.0 in October. This was the highest score since April 2011. The reading was forecast to remain unchanged at 56.0.

The factory Purchasing Managers' Index climbed to 60.0 in November from 58.5 a month ago. The expected level was 58.2.

Similarly, the services PMI came in at 56.2 in November versus 55.0 in October. Economists had forecast the score to rise slightly to 55.2.

In Germany, the private sector growth accelerated to 57.6 in November from 56.6 in October.

The manufacturing sector continued to lead growth and recorded the strongest increase in production volumes since April 2011.

The private sector growth in France improved to six-and-a-half years in November.

The composite output index rose unexpectedly to 60.1 in November from 57.4 in October. The expected score was 57.2.

The euro has been trading in a positive territory in the Asian session.

The single currency hovered at an 8-day high of 1.1846 against the greenback, from a low of 1.1813 hit at 7:45 pm ET. If the euro rises further, 1.20 is possibly seen as its next resistance level.

The 19-nation currency hit a 3-day high of 0.8911 against the pound, compared to 0.8872 hit late New York Wednesday. Continuation of the euro's uptrend may see it challenging resistance around the 0.91 region.

Reversing from an early low of 1.1588 against the Swiss franc, the euro edged up to 1.1628. The euro is seen finding resistance around the 1.18 mark.

The common currency bounced off to 131.78 against the yen, from a 3-day low of 131.23 hit early in the Asian session. The next possible resistance for the euro-yen pair is seen around the 133.00 level.

The euro rose back to 1.5034 against the loonie, heading closer to pierce its early 2-day high of 1.5038. On the upside, 1.51 may be seen as the next possible resistance for the euro.

The euro climbed to 1.5560 against the aussie, off its early low of 1.5508. Further uptrend may take the euro to a resistance around the 1.58 level.

On the flip side, the euro pared gains to 1.7175 against the kiwi, from a high of 1.7212 hit at 8:00 pm ET. Next likely support for the euro may be seen around the 1.70 mark.

The European Central Bank's minutes of the October 25 and 26 meeting are due at 7:30 am ET.

At 8:30 am ET, Canada retail sales for September are set for release.

The Swiss National Bank Chairman Thomas Jordan gives a speech titled "High current account surplus of Switzerland: consequences for the monetary policy of the SNB?" at the University of Basel at 11:30 am ET.

The US markets are closed today in observance of Thanksgiving Day.

For comments and feedback: contact editorial@rttnews.com

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