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Forex News: Euro Advances After Strong Eurozone PMI Data

Euro Advances After Strong Eurozone PMI Data

11/02/2020 - 07:18:00 (RTTNews)

(RTTNews) - The euro firmed against its most major rivals in the European session on Monday, as strong manufacturing data from Eurozone triggered hopes of an economic rebound from the coronavirus pandemic.

Final survey results from IHS Markit showed that the euro area manufacturing sector gained further strength in October driven by acceleration in production and new orders.

The manufacturing Purchasing Managers' Index rose to 54.8 in October from 53.7 in September. The flash score was 54.4. A reading above 50 indicates expansion in the sector.

Sentiment was further underpinned by better-than-expected China data.

The manufacturing sector in China continued to expand in October, and at a faster rate, the latest survey from Caixin revealed with a manufacturing PMI score of 53.6, up from 53.0 in September.

The euro rose to 122.15 against the yen and 1.0689 against the franc, from its early low of 121.70 and a 3-1/2-month low of 1.0667, respectively. The currency may possibly challenge resistance around 124.00 against the yen and 1.10 against the franc.

After falling to a 5-week low of 1.1622 at 3:30 am ET, the euro bounced off to 1.1651 against the greenback. The euro is poised to locate resistance around the 1.20 level.

In contrast, the euro eased off from an early high of 0.9049 against the pound, with the pair trading at 0.9017. Should the euro slides further, 0.88 is possibly seen as its next support level.

Final survey results from IHS Markit showed that the UK manufacturing sector continued to expand in October but the upturn showed signs of losing impetus as the initial boost to growth from the economy reopening faded and job losses accelerated.

The IHS Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell to 53.7 in October from 54.1 in the previous month. The flash score was 53.3. A score above 50 indicates expansion.

The euro pulled back to 1.6550 against the aussie and 1.7568 versus the kiwi, from its early highs of 1.6641 and 1.7663, respectively. The euro is seen finding support around 1.60 against the aussie and 1.70 versus the kiwi.

The EUR/CAD pair hit 1.5486, setting a 2-week low. The next possible support for the currency is seen around the 1.52 level.

Looking ahead, U.S. ISM manufacturing PMI for October and construction spending for September are set for release in the New York session.

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