Euro Dives As Services PMI Misses Forecast

Euro Dives As Services PMI Misses Forecast

By: Darryl Frankfort | Where To Trade | On:07-04-2015 16:21
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Key Highlights

  • Euro trimmed of the recent gains against the US dollar as sellers stepped in one more time to create a downside pressure in the short term.

  • Switzerland Foreign Currency Reserves representing the foreign currency deposits and bonds held by Swiss National Bank registered a reading of 522.3B in March 2015.

  • In India, the RBI Interest Rate Decision was announced by the Reserve Bank of India in which the central bank kept the interest rates at 7.5% just as the market expected.

  • Spanish Purchasing Managers Index (PMI) Service released by Markit Economics registered a reading of 57.3 in March 2015 whereas the last reading was of 56.2.

  • Euro Zone services PMI missed the mark and came in at 54.2 March 2015 whereas the market was expecting it to be around 54.3 i.e. no change from the last reading.

  • Italian services PMI registered a rise from 50 to 51.6 in March 2015.

  • France services PMI declined from the last reading of 52.8 to 52.4.

  • German services PMI increased from the last reading of 55.3 to 55.4 in March 2015 whereas the market was expecting it to be stable at 55.3.

  • Euro zone Producer Price Index (PPI) released by the Eurostat increase by 0.5% in February.

Euro Zone Services PMI

Earlier today during the London session, the Euro zone Services Purchasing Managers Index (PMI), which analyzes economic situation in the Euro Zone services sector was released by the Markit Economics. The forecast was slated for no change from the last reading of 54.3 in March 2015. However, the outcome was below the expectation, as the Euro zone Services Purchasing Managers Index decreased to 54.2. The report mentioned that expansion of economic activity was well above the expectation, and spread across the manufacturing and service sectors in March. The most important point is the fact that the service sector activity gained at the sharpest rate for eight months highlighting strength in Euro zone service sector.

The report also stated that the employment increased at the quickest pace since August 2011, which highlights continued job growth. Countries contributing were Germany, Italy, Spain and Ireland.

The Chief Economist at Markit, Chris Williamson indicated in the report that “whether the eurozone economy has achieved escape velocity to enjoy a return to a strong and sustainable recovery remains uncertain, but the region is certainly seeing its best growth momentum since 2011”.

German Services PMI

The Germany Services Purchasing Managers Index was also released, which on above the forecast. The market was expecting no change in the PMI from the last reading of 55.3 in March 2015. However, the outcome was better than the expectation, as the German services PMI increased to 55.4.

Technical Outlook – Euro

The Euro buyers failed to hold gains in EURUSD, as the pair traded lower to test the 1.0840 level. The Euro zone services PMI was not that bad, but failed to help the shared currency. On the upside, the 1.0900 area might act as a resistance.

EURUSD Slow and Steady Uptrend

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By: Ben Myers | Where To Trade | On:02-05-2015 11:21

Euro traded higher versus the US Dollar Intraday, and registered a new weekly high as buyers were optimistic after a report which points that better growth is possible in the Euro Area.

Euro Above 1.1200 And Looks Set For More Gains

Euro Above 1.1200 And Looks Set For More Gains

By: Simon Furman | Where To Trade | On:30-04-2015 11:11

Euro continued to gain momentum against the US dollar as the latter one weakened recently, which means there is more room for gains in the EURUSD pair.

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

By: Oliver Miller | Where To Trade | On:29-04-2015 11:06

UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.

EURUSD Looks Set To Break 1.0920

EURUSD Looks Set To Break 1.0920

By: Darryl Frankfort | Where To Trade | On:28-04-2015 10:53

Euro managed to gain bids during the London session against the US dollar, and it looks like the pair might break the recent high of 1.0920 to trade close to the 1.0950 level.

FX Market Continues To Consolidate Post Dollar Losses

FX Market Continues To Consolidate Post Dollar Losses

By: James Ansher | Where To Trade | On:27-04-2015 10:46

US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound

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