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Forex News: Euro Moves Higher Following Positive German, Eurozone PMI

Euro Moves Higher Following Positive German, Eurozone PMI Data

02/19/2021 - 07:58:00 (RTTNews)

(RTTNews) - The euro appreciated against its major rivals in the European session on Friday, as encouraging flash PMI data from the euro area and Germany signaled a recovery in activity from the downturn.

Flash survey results from IHS Markit showed that Germany's private sector expanded in February driven by the strong rebound in manufacturing despite increasing supply-side pressures.

The composite output index rose to 51.3 in February from 50.8 in January. Economists had forecast the score to fall to 50.5.

The manufacturing Purchasing Managers' Index surged to a 36-month high of 60.6 in February from 57.1 in January. The score was above economists' forecast of 56.5.

Separate data showed that the euro area private sector activity improved in February.

The composite output index rose to 48.1 in February from 47.8 in January. The expected reading was 48.0.

The manufacturing PMI surged to a 36-month high of 57.7 from 54.8 in the previous month. This was above consensus forecast of 54.3.

The currency was also lifted by a weaker U.S. dollar, as an unexpected increase in weekly jobless claims dampened the economic optimism.

The euro jumped to a 3-day high of 1.2145 against the greenback, up from Thursday's closing value of 1.2089. Next key resistance for the euro is seen around the 1.24 level.

The euro spiked up to a 2-day high of 127.95 against the yen, compared to 127.77 hit late New York Thursday. On the upside, 129.00 is possibly seen as its next resistance level.

The European currency advanced to 1.0855 against the franc, its highest level since January 8. If the euro extends rise, 1.10 is possibly seen as its next resistance level.

The euro edged higher to 0.8678 against the pound, after falling to 0.8646 at 5:00 pm ET. Further uptrend may take the euro to a resistance around the 0.88 area.

Survey results from IHS Markit and Chartered Institute of Procurement & Supply showed that the UK private sector output contracted only marginally in February reflecting a near-stabilization in services activity amid continuing recovery in manufacturing.

The flash composite output index climbed more-than-expected to 49.8 in February from 41.2 in January.

In contrast, the 19-nation currency dipped to more than a 2-year low of 1.5462 against the aussie and a 10-day low of 1.6676 against the kiwi, from yesterday's closing values of 1.5560 and 1.6729, respectively. The next immediate support for the euro is seen around 1.49 against the aussie and 1.62 against the kiwi.

Pulling back from a 3-day high of 1.5379 hit at 3:30 am ET, the euro declined to 1.5316 against the loonie. The euro is seen finding support around the 1.51 region.

Looking ahead, Canada retail sales for December and U.S. existing home sales for January are set for release in the New York session.

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