Euro fell sharply earlier today to test the 1.0660 support area against the US dollar, but later managed to find buyers around the mentioned level and traded back higher.
Chinese HSBC Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics declined from 49.6 to 49.2 in April 2015.
Japanese Nomura/JMMA Manufacturing PMI presenting an early snapshot of the health of manufacturing sector in Japan fell from 50.3 to 49.7.
France Purchasing Managers Index (PMI) Manufacturing released by Markit Economics registered a reading registered a decline from 48.8 to 48.4 in April 2015.
France Services PMI also posted a decline from the last reading of 52.4 to 50.8.
German Manufacturing PMI missed the expectation and fell from 52.8 to 51.9 in April.
German Services PMI also declined by one point to 54.4 from 55.4.
Euro Zone Manufacturing PMI fell by 0.3 points from 52.2 to 51.9 in April 2015.
Euro Zone Services PMI was also disappointing, as it declined from 54.2 to 53.7.
Spanish Unemployment Survey representing the number of unemployed workers divided by the total civilian labor force released by the National Institute of Statistics came in at 23.78%.
Euro Zone Manufacturing PMI
Earlier today during the London session, the Euro Zone Manufacturing Purchasing Managers Index (PMI), which helps in gauging business conditions in the manufacturing sector was released by the Markit Economics. The market was not expecting any decline in the Manufacturing PMI, but instead a minor rise from 52.2 to 52.6 was expected in April 2015. The outcome missed the mark, as the Euro Zone Manufacturing Purchasing Managers Index fell to 51.9. The report stated that there was a sharp pullback in the manufacturing activity from March, and the slowdown reflected weakness in France and Germany.
Furthermore, the Euro Zone Services PMI was also released. The outcome was again on the lower side, as the Euro Zone Services PMI declined from 54.2 to 53.7 in April. This was below the forecast of a rise to 54.5.
The Chief Economist at Markit, Chris Williamson stated in the report that the “the weaker rate of expansion is a big disappointment, given widespread expectations that the ECB’s quantitative easing will have boosted the fledgling recovery seen at the start of the year”.
German Manufacturing PMI
The Germany Manufacturing Purchasing Managers Index was also published, which missed the forecast and posted a decline in April. The market was expecting a rise from 52.8 to 53.0, but the outcome was disappointing. The German Manufacturing PMI came in at 51.9. Moreover, the German Services PMI too missed the mark and declined from 55.4 to 54.4 in April 2015.
Technical Outlook – Euro
The EURUSD pair surprisingly managed to hold the ground. It initially fell lower to trade near the 1.0660 support area, but later climbed back sharply to test the 1.0700 resistance. It breached the mentioned resistance area and looks set for a move towards the 1.0740 level. On the downside, the 1.0600 level remains the key for sellers.
Think Global - Act Local
Simon Furman is one of the best financial analyst with 27 years of trading experience
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.
US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound
Taking into account today’s volatile economy GTCM endeavors to provide its clients with a secure trading environment and strong financial services. We aim to establish a strong relationship with our customers by providing them with ease, transparency and accountability on all their account activities
Banc De Binary is home to the 21st century investor. Founded in the wake of the 2008 financial crisis, we set out to provide the simplest, most profitable trading solutions, and have built a following among customers in over 80 countries worldwide. Today, we provide access to the financial markets via our online binary options platform to 250,000 account holders. As a World Finance listed company and multi award-winning firm, we are proud to be able to guarantee a safe and risk-controlled environment for all our valued clients.
HY Markets is a market leader in providing retail and institutional investors with access to foreign exchange and other capital markets. With HY Markets you can trade forex, metals such as gold and silver, energy products such as US oil and natural gas, commodities, indices as well as stocks, all from a single integrated account.
Ikon Markets are an online trading service provider affiliated to the Ikon Group, an acclaimed global network for online financial trading. Prior to the introduction of our online segment. We, at Ikon, have had many years of experience in providing financial trading services to institutional investors, such as banks, large financial institutions and mutual fund companies.