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Forex News: Euro Rises On Strong Eurozone PMI Data

Euro Rises On Strong Eurozone PMI Data

05/23/2024 - 08:00:00 (RTTNews)

(RTTNews) - The euro strengthened against other major currencies in the European session on Thursday, after the Eurozone preliminary PMI numbers rose to a one-year high in May.

Data from S&P Global showed that the headline HCOB flash Manufacturing PMI rose to 47.4 in May from 45.7 in the previous month. The reading was also above forecast of 46.2.

The composite output index rose to 52.3 in May from 51.7 in April. The reading was forecast to climb to 50.0.

The services Purchasing Managers' Index posted 53.3 in May, same as in April and below economists' forecast of 53.5.

European stocks traded higher after British Prime Minister Rishi Sunak called a general election for July 4 and a survey showed business activity in the eurozone accelerated in May.

In the European trading today, the euro rose to more than a 1-year high of 0.9918 against the Swiss franc, from an early low of 0.9892. The euro may test resistance near the 1.00 region.

Moving away from an early 2-day low of 169.29 against the yen, the euro advanced to nearly a 4-week high of 170.00. On the downside, 172.00 is seen as the next resistance level for the euro.

Against the pound and the U.S. dollar, the euro edged up to 0.8529 and 1.0845 from early more than 3-month low of 0.8499 and an 8-day low of 1.0812, respectively. If the euro extends its uptrend, it is likely to find resistance around 0.86 against the pound and 1.09 against the greenback.

Against the Australia and the Canadian dollars, the euro edged up to 1.6366 and 1.4832 from early lows of 1.6326 and 1.4792, respectively. The next possible upside targets for the euro is seen around 1.65 aussie and 1.49 against the loonie.

Looking ahead, U.S. building permits for April, Canada new housing price index for April, U.S. weekly jobless claims, new home sales for April, U.S. S&P Global PMI data for May and U.S. Kansas Fed composite and manufacturing index for May are due to be released in the New York session.

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