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Forex News: Euro Advances As German Manufacturing PMI Rises To

Euro Advances As German Manufacturing PMI Rises To 13-month High

02/21/2020 - 06:37:00 (RTTNews)

(RTTNews) - The euro appreciated against its most major counterparts in the European session on Friday, as German manufacturing sector activity expanded more than expected in February to the highest since January 2019.

Flash survey results from IHS Markit showed that the manufacturing PMI climbed to a 13-month high of 47.8 from 45.3 in January. Economists had forecast a reading of 44.8.

The reading was well below the neutral 50.

The flash composite output index rose to 51.1 in February, compared to forecast of 50.8. The index registered a five-month high of 51.2 in January.

Nonetheless, the services Purchasing Managers' Index fell to 53.3 from 54.2 in January. The reading was forecast to rise to 53.9.

The euro climbed to 1.0820 against the greenback and held steady thereafter. The next likely resistance for the euro is seen around the 1.11 level.

The euro ticked up to 1.0622 against the franc immediately after the data. On the upside, resistance is likely seen near the 1.08 level.

The single currency bounced off to 120.90 against the yen, from a low of 120.36 seen at 3:00 am ET. The euro is likely to face resistance around the 122.00 region, if it gains again.

Data from the Ministry of Internal Affairs showed that Japan's inflation slowed in January after rising in the previous month.

The consumer price index increased 0.7 percent year-on-year in January, slower than 0.8 percent rise in the preceding month. This was in line with economists' expectation.

The euro rallied to a 3-day high of 1.4342 against the loonie, more than 2-week high of 1.7144 against the kiwi and an 11-day high of 1.6407 against the aussie, from Thursday's closing values of 1.4297, 1.7023 and 1.6302, respectively. Next key resistance for the euro is likely seen around 1.47 against the loonie, 1.73 against the kiwi and 1.65 against the aussie.

After a brief uptick following the data, the euro slipped to a 2-day low of 0.8353 against the pound. The euro may face support around the 0.82 level.

Looking ahead, Canada retail sales for December and U.S. existing home sales for January are due in the New York session.

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