Euro Worst Performer And Kiwi Dollar Best

Euro Worst Performer And Kiwi Dollar Best

By: Oliver Miller | Where To Trade | On:04-03-2015 10:22
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Key Highlights

  • Euro continued to trade lower against the US dollar and breached the 1.1120 support which signals weakness in the near term for the EURUSD pair.

  • Spanish Purchasing Managers Index (PMI) Services released by Markit Economics registered a decline from the last reading of 56.7 to 56.2 in February 2015.

  • Italian Services PMI also registered a decline and fell from the last reading of 51.2 to 50.0.

  • France Services PMI managed to register an expansion and posted a reading of 52.2, compared to the last reading of 49.3, but the market was expecting it to stay around 53.4.

  • German Services PMI also registered an expansion and posted a reading of 54.7, compared to the last reading of 54, but the market was expecting it to stay around 55.5.

  • Euro zone Services PMI also gained when compared to the last reading of 52.7, and registered a reading of 53.7, but this was also lower as the market was expecting 53.9.

  • AUDUSD pair continued to maintain ground and traded in a range as sellers struggle to take the pair lower in the near term.

Euro Zone Services PMI

Earlier today during the London session, the Euro zone Purchasing Managers Index (PMI) Services was released by Markit Economics. The market was expecting it to rise from the last reading of 52.7 to 53.9 in February 2015. However, the outcome missed the mark, as the Euro zone services PMI came in at 53.7. The outcome was not that bad, but the fact was that it missed the expectation.

The report highlighted strength and stated in the official release that it was the first time since April 2014 that there were expansions in all four major economies of the Euro zone. Moreover, the Euro zone companies posted nice increase in output, which was on the higher side pushed by rising levels of incoming new business. In addition to that the new order inflows also saw major boost this time and was seen gaining pace at the fastest pace since July 2014. Chris Williamson, Chief Economist at Markit mentioned in the report that “there were clear signs of the eurozone economy reviving in February, with stronger inflows of new business and rising business confidence suggesting growth should continue to pick up in March.

German Services PMI

German Purchasing Managers Index (PMI) Services was also released by Markit Economics. The market was expecting it to increase from 54 to 55.5 in February 2015. However, the outcome was below the expectation, as the German services PMI registered a reading of 54.7. This was again better than the last reading, but missed the expectation. Overall, the reports in the Euro zone weighed on the Euro in the short term.

Technical Outlook – Swiss franc

The Euro dived against the US dollar and traded to a new low to challenge the 1.1100 support area. There is a lot of bearish pressure on the Euro, which means more losses cannot be denied in the short term.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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