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Forex News: Euro Pulls Back Despite Strong German, Eurozone PMIs

Euro Pulls Back Despite Strong German, Eurozone PMIs

01/24/2020 - 06:25:00 (RTTNews)

(RTTNews) - The euro came off from its early highs against its most major rivals in European deals on Friday, despite strong flash PMI readings from Germany and Eurozone.

Survey data from IHS Markit showed that the euro area private sector grew at the same moderate pace as seen in the final month of 2019.

The composite output index held steady at 50.9 in January. A score above 50 indicates expansion in the sector. The score was expected to rise to 51.1.

Separate data showed that Germany's private sector gained momentum in January as services activity grew at the fastest pace in five months amid a slower decline in manufacturing.

The flash composite output index rose more-than-expected to 51.1 in January from 50.2 in December. This was the highest score in five months and above forecast of 50.5.

The euro has been under pressure after ECB President Christine Lagarde struck a slightly dovish tone than some had expected. Lagarde reiterated hat risks surrounding the euro area growth outlook remain tilted to the downside.

The euro fell to near a 2-month low of 1.1032 against the greenback, from a high of 1.1062 hit at 3:30 am ET. The next possible support for the euro is seen around the 1.08 level.

The euro pared gains to 120.84 against the yen, from a high of 121.26 set at 3:30 am ET. The euro is seen finding support around the 118.00 region.

Data from the Ministry of Internal Affairs showed that Japan's inflation accelerated in December but remained well below the 2 percent target.

Consumer price inflation increased to 0.8 percent in December from 0.5 percent a month ago. This was also above economists' forecast of 0.7 percent.

The euro dropped back to 1.0710 against the franc in subdued trading. On the downside, 1.06 is possibly seen as the next support level for the euro.

In contrast, the euro appreciated to 0.8432 against the pound, off its early more than a 5-week low of 0.8386. If the euro rises further, it may find resistance around the 0.86 region.

Survey results from IHS Markit and Chartered Institute of Procurement & Supply showed that the UK private sector returned to growth in January driven by a sharp rise in new work.

The composite output index rose to a 16-month high of 52.4 in January from 49.3 in December.

Looking ahead, Canada retail sales for December and Markit's U.S. manufacturing PMI for January are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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