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Forex News: Euro Falls Amid Weak German, Eurozone PMI Data

Euro Falls Amid Weak German, Eurozone PMI Data

07/22/2022 - 06:58:00 (RTTNews)

(RTTNews) - The euro was lower against its major rivals in the European session on Friday, following a data showing a contraction in business activity in Germany and the euro area, sparking fears about an economic downturn in the currency bloc.

Flash survey data from S&P Global showed that Eurozone private sector activity contracted in July as output and new orders fell to their lowest levels since February 2021. The flash composite output index declined to a 17-month low of 49.4 in July from 52.0 in June. Economists had forecast a score of 51.

The services PMI dropped to a 15-month low of 50.6 in July from 53 in June. The expected reading was 52. The manufacturing PMI also shrank to a 25-month low of 49.6 in July from 52.1 in June. The index was forecast to fall to 51.

Separate data showed that German private sector activity deteriorated more-than-expected in July, and logged the worst performance for over two years amid weaker domestic and export demand.

The flash composite output index dropped to a 25-month low of 48.0 in July from 51.3 in June. The index was forecast to fall to 50.1.

The services Purchasing Managers' Index fell to a seven-month low of 49.2 in July from 52.4 in the prior month. The score was forecast to fall to 51.2.

The manufacturing PMI also decreased to a 25-month low of 49.2 in July from 52.0 in June. The expected score was 50.6.

The euro weakened to a 4-day low of 139.39 against the yen and a 9-day low of 0.9811 against the franc, down from its early highs of 140.69 and 0.9886, respectively. The currency is likely to face support around 136.00 against the yen and 0.97 against the franc.

The euro touched 3-day lows of 1.0130 against the greenback and 0.8487 against the pound, falling from its previous highs of 1.0231 and 0.8527, respectively. The euro may locate support around 0.985 against the greenback and 0.83 against the pound.

Retreating from its prior highs of 1.6392 against the kiwi and 1.4769 against the aussie, the euro dipped to 2-1/2-month lows of 1.6269 and 1.4667, respectively. The euro is seen finding support around 1.60 against the kiwi and 1.43 against the aussie.

The euro fell to 1.3052 against the loonie, its lowest level in eight days. If the euro slides further, 1.29 is possibly seen as its next support level.

Looking ahead, Canada retail sales for May will be featured in the New York session.

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