Weaker than expected PMI figures pushed euro lower

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Thursday, Apr 23 2015

Eurozone PMI figures, after French and German ones, were also disappointing. While markets were anticipating growth both Manufacturing and Services PMI declined. The slowdown in April was in fact therefore a symptom of weaker expansions in both Germany and France, with the latter suffering a near-stalling of growth led by an accelerating downturn of its manufacturing economy.

There are signs of increased risk aversion creeping in among businesses and their customers, linked in some cases to worries about Greece, which is likely to have dampened demand. However, in the case of France, the poor performance appears to reflect a longer-term malaise which, after a promising start to the year, in fact shows few signs of lifting.

Earlier today, Spanish Unemployment Rate figures showed incline to 23.8%, missing forecasts on decrease to 23.5%, while GfK German Consumer Climate rose to 10.1. Euro is currently being traded around 1.07 handle, rebounding after weaker than expected PMI figures. Pair is likely to find support around 1.0650 area and resistance above 1.0750 level. Later today, in the US session, Unemployment Claims, Manufacturing PMI and New Home Sales figures are scheduled for a release.

More in this category: « French and German PMI data shows weakness in Eurozone UK Retail Sales unexpectedly decreased in March »

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