Forex News: Euro Mixed After European PMI Data

Euro Mixed After European PMI Data

(RTTNews) - The euro showed mixed trading against its major rivals in the European session on Monday, following the release of mixed German and Eurozone PMI data for March.

Data from S&P Global showed that Eurozone private sector expanded for the third straight month in March as manufacturing production increased for the first time in two years, joining services in growth territory.

The HCOB flash composite output index ticked up to 50.4 in March from 50.2 in February. The score has remained above the threshold 50.0 indicating expansion for the third successive month.

At 50.4, the flash services Purchasing Managers' Index dropped unexpectedly to a four-month low from 50.6 in February. The score was forecast to rise to 51.2.

The flash factory PMI hit a 26-month high of 48.7 from 47.6 in February. The score was above the expected level of 48.3.

Germany's private sector grew at the fastest pace in ten months in March amid a robust rebound in manufacturing production. The flash HCOB composite output index rose to 50.9 in March from 50.4 in February.

The improved performance in March reflected a renewed increase in manufacturing production. Meanwhile, the service sector lost momentum. The services PMI fell to 50.2 from 51.1 in the previous month. Moreover, this was weaker than economists' forecast of 52.3.

The manufacturing PMI climbed to 48.3 in March from 46.5 a month ago. The score was seen at 47.1.

France's economic downturn continued in March but the pace of decline slowed moderately driven by tentative signs of recovery in the manufacturing sector. The HCOB composite output index posted a two-month high of 47.0 in March, up from 45.1 in February.

The services PMI rose more-than-expected to 46.6 in March from 45.3 in the prior month. The reading was seen at 46.3.

At 48.9, the factory PMI hit a 26-month high and climbed from 45.8 in February. The score was forecast to improve to 46.2.

Investors also awaited greater clarity on U.S. tariffs after U.S. President Donald Trump said there will be "flexibility" on his reciprocal tariff plan and that he would discuss tariffs with Chinese President Xi Jinping.

In the European trading today, the euro slightly fell to 1.0829 against the U.S. dollar, from an early high of 1.0859 and held steady thereafter.

Against the yen, the euro dropped to 161.94 from an early 5-day high of 162.58 and held steady thereafter.

The euro slipped to 0.9548 against the Swiss franc, from an early high of 0.9578. The next possible downside target for the euro is seen around the 0.93 region.

Moving away from an early high of 0.8385 against the pound, the euro dropped to a 4-day low of 0.8360. On the downside, 0.82 is seen as the next support level for the euro.

Looking ahead, Canada manufacturing sales data for February, U.S. Chicago Fed National Activity index for February and U.S. S&P Global PMI reports for March are set to be published in the New York session.

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