Euro lower despite good PMI figures

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Tuesday, Jun 23 2015

Regardless of better than predicted Eurozone PMI figures with Flash Eurozone Services PMI Activity Index rising to 54.4 from 53.8 in May and Flash Eurozone Manufacturing PMI increasing to 52.5 from 52.2 in May euro was pushed lower. Despite the cloud of the Greek debt crisis hanging over the region, the eurozone saw economic growth accelerate to a four-year high in June.

The PMI is signalling GDP growth of 0.4% for the region as a whole in the second quarter. The upturn is also looking encouragingly broad-based. The German PMI continues to signal robust GDP growth, and France – the latecomer to the recovery – enjoyed its best quarter for almost four years. Outside of France and Germany, the June survey rounded off the best quarter for eight years in terms of output growth, and the best job creation since the third quarter of 2007.

Euro is is currently being traded few points above 1.1260 level. Pair is likely to find support around 1.12 handle and resistance above 1.1330 area. Later today, in the US session, Durable Goods Orders, Manufacturing PMI and New Home Sales figures are scheduled for a release.

More in this category: « German manufacturing and services sector increased more than expected USD boosted after Durable Goods Orders data »

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