Euro Mixed After Eurozone PMI Data
October 04 2017 - 1:36AM
RTTF2
The euro showed mixed trading against other major currencies in
the European session on Wednesday, following the release of
Eurozone private sector growth data in September.
Data from IHS Markit showed that the euro area-private sector
ended the third quarter strongly as output growth accelerated to a
four-month high, underpinned by new orders in September.
The euro area final services Purchasing Managers' Index climbed
to 55.8 from 54.7 in the previous month. The flash reading was
55.6.
The composite output index rose to 56.7 in September from 55.7 a
month ago. The score matched the preliminary estimate.
Germany's private sector registered its fastest growth in almost
six-and-a-half years in September. The final composite output index
improved to 57.7 from 55.8 in August. However, the score was
slightly below the flash 57.8.
The final services PMI stood at 55.6, in line with flash
estimate, but up from 53.5 in the previous month. The latest
reading signaled the joint-fastest rate of expansion seen since the
end 2015.
France's private sector expanded at the fastest pace in 76
months in September. The composite PMI rose to 57.1 from 55.2 a
month ago. Nonetheless, the score was slightly below the flash
57.2.
Likewise, the services PMI came in at 57.0 versus 54.9 a month
ago. The flash reading was 57.1.
In the Asian trading today, the euro held steady against its
major rivals.
In the European trading, the euro fell to 1.1747 against the
U.S. dollar, from an early 2-day high of 1.1779 and held steady
thereafter.
Against the yen, the euro dropped to 132.24 from an early high
of 132.63 and held steady thereafter.
Against the pound, the euro edged down to 0.8852 from an early
high of 0.8879. If the euro extends its downtrend, it is likely to
find support around the 0.86 region.
The euro advanced to 1.1454 against the Swiss franc, from an
early 2-day low of 1.1424. The euro may find resistance around the
1.16 region.
In today's events, U.S. ADP private sector jobs data for
September, U.S. markit's PMI for September, and U.S. crude oil
inventories data are slated for release in the New York
session.
At 1:15 pm ET, European Central Bank President Mario Draghi is
scheduled to deliver opening remarks at the Inauguration of the ECB
Visitor Center, in Frankfurt.
At 3:15 pm ET, Federal Reserve Chair Janet Yellen will deliver
opening remarks at a community banking conference hosted by the
Federal Reserve Bank of St. Louis.
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