Forex News: Euro Falls On Disappointing German, Eurozone PMI Data

Euro Falls On Disappointing German, Eurozone PMI Data

(RTTNews) - The euro was lower against its major counterparts in the European session on Tuesday, as weaker-than-expected PMI data from the eurozone and Germany heightened expectations of a pause in rate hike by the European Central Bank at the meeting later this week.

Flash survey results from S&P Global and Hamburg Commercial Bank showed that Eurozone composite PMI weakened to 46.5 in October from 47.2 in September. Economists had forecast a score of 47.4.

The services PMI came in at 47.8 in October, down from 48.7 in September and the consensus estimate of 48.7.

The manufacturing PMI dropped to 43.0 from 43.4, below estimates of 43.7.

German composite PMI fell to 45.8 from 46.4 in September, while services activity worsened to 48.0 from 50.3.

The euro edged down to 1.0621 against the greenback, 0.9488 against the franc and 159.02 against the yen, down from an early nearly 5-week high of 1.0694, 6-day high of 0.9515 and a multi-year high of 159.91, respectively. The euro is seen finding support around 1.04 against the greenback, 0.94 against the franc and 155.00 against the yen.

The euro fell to 1.8162 against the kiwi and 1.4545 against the loonie, reversing from its early 1-1/2-month highs of 1.8254 and 1.4616, respectively. The euro may face support around 1.75 against the kiwi and 1.44 against the loonie.

The euro declined to 0.8682 against the pound, setting a 5-day low. Next key support for the currency is possibly seen around the 0.84 level.

Against the aussie, the euro touched 1.6706, its lowest level since October 19. On the downside, 1.61 is possibly seen as its next support level.

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