Euro Strengthens As German Private Sector Growth Accelerates
2018年6月22日 - 2:47PM
RTTF2
The euro strengthened against its major counterparts in early
European deals on Friday, as Germany's private sector growth picked
up pace in June, driven by stronger rise in services business
activity.
Preliminary survey results from IHS Markit showed that the
composite output index rose to 54.2 in June from 53.4 in May. Any
reading above 50 indicates expansion in the sector.
However, the growth rate was still the second-lowest over the
past 21 months.
The services Purchasing Managers' Index climbed to a 3-month
high of 53.9 in June from 52.1 in May. The index was forecast to
increase to 52.2.
European shares rose after finance ministers from 19 nations
finalized plans to get Greece out of its eight-year bailout program
and a top lawmaker in Italy's far-right League party reportedly
said the government doesn't want to exit the euro.
There is also some cheer on the data front as flash survey data
from IHS Markit showed that France's private sector expanded at a
faster pace in June driven by acceleration in services economy. The
currency rose against its major counterparts in the Asian session,
with the exception of the pound.
The euro firmed to an 8-day high of 1.1674 against the
greenback, from a low of 1.1598 hit at 5:00 pm ET. The euro is
likely to find resistance around the 1.18 level.
The single currency advanced to a 2-day high of 1.1550 against
the Swiss franc and an 8-day high of 128.60 against the yen, from
its previous lows of 1.1496 and 127.47, respectively. Next key
resistance for the euro is likely seen around 1.17 against the
Swiss franc and 130.00 against the yen.
The 19-nation currency edged up to 0.8778 against the pound,
from Thursday's closing value of 0.8757. On the upside, 0.89 is
possibly seen as the next resistance level for the euro.
Bank of England Governor Mark Carney said Treasury's GBP 1.2
billion capital injection announcement is a ground-breaking
financial arrangement and this would make the balance sheet fit for
purpose and the future.
At the Mansion House, Carney said late Thursday that the
additional capital will significantly increase the amount of
liquidity the BoE can provide through collateralized and
market-wide facilities.
The euro strengthened to a 1-1/2-month high of 1.5515 against
the loonie and more than a 5-week high of 1.5756 against the
aussie, from its early lows of 1.5434 and 1.5687, respectively. The
euro is poised to test resistance around 1.56 against the loonie
and 1.59 against the aussie.
The euro bounced off to 1.6905 against the kiwi, from a low of
1.6817 hit at 1:00 am ET. The euro is seen finding resistance
around the 1.70 region.
Data from Statistics New Zealand showed that New Zealand's net
migration declined in May from a year earlier.
In the year to May 31, the country recorded a net migration of
66,243, down from 71,964 in the same period of 2017. Looking ahead,
Markit's U.S. manufacturing PMI for June, Canada retail sales for
April and consumer price index for May are scheduled for release in
the New York session.
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