Euro Strengthens On Strong German Factory Orders, Eurozone PMI Data
2019年11月6日 - 2:16PM
RTTF2
The euro firmed against its major counterparts in the early
European session on Wednesday, as the euro area private sector
expanded slightly more than initially estimated in October and
German factory orders beat forecasts in September.
Final data from IHS Markit showed that Eurozone final composite
output index rose to 50.6 in October from 50.1 in September. The
score was above the flash estimate of 50.2.
The services Purchasing Managers' Index improved to 52.2 in
October from 51.6 a month ago and exceeded the flash 51.8.
German services PMI rose to 51.6 from 51.4 in September. The
flash reading was 51.2.
However, the latest pace of growth was the weakest since the
current upturn began in 2013.
Data from Destatis showed that Germany's factory orders grew
more than expected in September on rising domestic and foreign
demand.
Factory orders grew 1.3 percent month-on-month, reversing a 0.4
percent fall in August. Orders were forecast to climb 0.5
percent.
European stocks were subdued as investors awaited more clarity
on U.S-China trade talks.
Underlying sentiment turned cautious after reports suggested
that Beijing wants Washington to lift punitive tariffs as part of a
truce in a trade war.
The euro held steady against its major counterparts in the
previous session, excepting the yen.
The euro rose to 1.1092 against the greenback, from a low of
1.1067 hit at 7:00 pm ET. The euro is seen facing resistance around
the 1.12 mark.
Reversing from a 5-day low of 120.64 seen at 2:00 am ET, the
euro bounced off to 120.91 against the Japanese yen. Next near term
resistance for the euro is likely seen around the 123.00 level.
Survey from IHS Markit showed that Japan's private sector
contracted for the first time in more than three years in
October.
The Jibun Bank final composite output index fell to 49.1 in
October from 51.5 in September. The initial score for September was
49.8.
The euro appreciated to 1.1013 against the franc, from
yesterday's closing value of 1.0993. The currency may locate
resistance around the 1.13 region, if it rises again.
The euro that finished yesterday's trading session at 1.4569
against the loonie ticked up to 1.4597. Further rally is likely to
take the euro to a resistance around the 1.47 region.
The single currency gained to 0.8610 against the pound, after
reaching as low as 0.8591 at 5:00 pm ET. The next possible
resistance for the euro is seen around the 0.88 mark.
Survey from the Confederation of British Industry showed that
British small and medium-sized manufacturers optimism dropped at
the fastest pace since mid-2016.
The business sentiment fell to -32 in three months to October,
the fastest fall since July 2016.
In contrast, the euro pulled back to 1.6053 against the aussie,
from a high of 1.6087 it touched at 2:00 am ET. If the euro falls
further, 1.57 is seen as its next support level.
After rising to a 6-day high of 1.7413 at 2:10 am ET, the euro
eased off to 1.7365 against the kiwi. The euro may possibly face
support around the 1.69 level.
Looking ahead, at 10:00 am ET, Canada Ivey PMI for October will
be released.
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