Euro Rises On Upbeat German PMI
March 24 2017 - 2:29AM
RTTF2
The euro strengthened against the other major currencies in the
European session on Friday, after data showed that Germany
registered the fastest rate of private sector output growth in
nearly six years at the end of the first quarter of 2017.
Data from IHS Markit showed that the composite output index of
Germany rose for the second straight month in March, to 57.0 from
56.1 in February. This was the highest score since May 2011.
The services Purchasing Managers' Index climbed
more-than-expected to 55.6 in March from 54.4 in February. The
services activity growth hit a 15-month high. The expected score
was 54.5.
The factory PMI climbed unexpectedly to 58.3 from 56.8 in
February. The score was forecast to fall to 56.5. Also, the
eurozone private sector reached a near six-year high in March. The
composite output index rose to 56.7 in March from 56.0 in February.
The latest reading was the highest since April 2011. Economists had
forecast the index to fall to 55.8.
The flash services Purchasing Managers' Index improved
unexpectedly to 56.5 from 55.5 in February. The score was forecast
to fall to 55.3.
In the Asian trading today, the euro held steady against its
major rivals.
In the European session, the euro rose to a 2-day high of 1.0807
against the U.S. dollar, from an early 3-day low of 1.0760. The
euro may test resistance near the 1.09 region.
Against the pound, the Swiss franc and the yen, the euro edged
up to 0.8649, 1.0719 and 120.17, from early lows of 0.8608, 1.0703
and 119.52, respectively. If the euro extends its uptrend, it is
likely to find resistance around 0.88 against the pound, 1.08
against the franc and 122.00 against the yen.
Against the Australian, the New Zealand and the Canadian
dollars, the euro advanced to nearly a 2-week high of 1.4181,
1-week high of 1.5415 and a 2-day high of 1.4440 from early lows of
1.4097, 1.5308 and 1.4377, respectively. The euro is likely to find
resistance around 1.43 against the aussie, 1.55 against the kiwi
and 1.45 against the loonie.
Looking ahead, Canada CPI for February, U.S. durable goods
orders for February, Markit's U.S. flash manufacturing PMI for
March and U.S. Baker Hughes rig count data are slated for release
in the New York session.
At 8:00 am ET, Federal Reserve Bank of Chicago President Charles
Evans is expected to speak at the Federal Reserve System Community
Development Research Conference, in Washington DC.
At 9:05 am ET, Federal Reserve Bank of St. Louis President James
Bullard will give a presentation on the U.S. economy and monetary
policy before the Economic Club of Memphis Economic Briefing, in
Memphis, U.S.
At 10:00 am ET, Federal Reserve Bank of New York President and
CEO William Dudley will participate in a fireside chat with
business and economics students at York College, in New York.
At 11:30 am ET, Canadian Finance Minister Bill Morneau will give
a speech in Toronto.
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