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Forex News: Euro Mixed After Eurozone Services PMI

Euro Mixed After Eurozone Services PMI

04/07/2021 - 08:11:00 (RTTNews)

(RTTNews) - The euro showed mixed trading against its major counterparts in the European session on Wednesday, after the release of a data showing an expansion in Eurozone private sector activity in March.

Final survey data from IHS Markit showed that Eurozone private sector returned to growth in March underpinned by a record increase in manufacturing output.

The final composite output index rose to 53.2 in March from 48.8 in February. The score was also above the flash estimate of 52.5.

European stocks rose as economic recovery hopes intensified amid steady progress with coronavirus vaccinations and additional government stimulus.

Traders await the minutes of the most recent Federal Open Market Committee meeting for clues regarding when the U.S. central bank might raise rates.

The euro climbed to 1.1898 against the greenback, its strongest level since March 23. The euro is seen finding resistance around the 1.21 mark.

The euro spiked higher to 130.62 against the yen, setting nearly a 3-week high, and was up from Tuesday's close of 130.28. Should the euro strengthens further, it is likely to test resistance around the 133.00 region.

Preliminary data from the Cabinet Office showed that Japan's leading index increased to the highest level in nearly three years in February.

The leading index, which measures the future economic activity, grew to 99.7 in February from 98.5 in January.

The euro rebounded to 1.1054 against the franc, from a weekly low of 1.1034 set at 3:30 am ET. On the upside, 1.13 is possibly seen as its next resistance level.

After touching nearly a 2-week high of 0.8624 at 2:30 am ET, the euro pulled back to 0.8586 against the pound and held steady thereafter. Further decline in the currency is likely to see support around the 0.84 level.

Final data from IHS Markit showed that the UK service sector logged a strong rebound in March as activity, new orders and employment picked up from February.

The services Purchasing Managers' Index advanced to 56.3 from 49.5 in February. The flash reading was 56.8.

Looking ahead, the U.S. and Canadian trade data for February, Canada Ivey PMI for March and U.S. consumer credit for February will be released in the New York session.

The Fed minutes from the March 16-17 meeting are set for release at 2:00 pm ET.

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