Euro little changed after mixed PMI figures

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Wednesday, Dec 16 2015

While no change was expected French Manufacturing PMI rose to 51.6. On the other hand, Services PMI decline to 50.0, missing forecasts in decline to 50.6. This stagnation of service sector business activity, was an ending of a ten-month period of expansion. In contrast, manufacturing sector output rose at a slightly faster (albeit still modest) rate. New business in the French private sector increased for a fourth successive month in December.

German Manufacturing PMI edged up slightly to 53.0, while Services PMI fell to 55.4. Figures were in line with market predictions. Output growth slowed fractionally at both manufacturers and service providers. Mirroring the trend for activity, new business placed with German private sector firms also increased at a slightly weaker rate in December.

Euro is currently being traded around 1.0940 area. Pair is likely to find support around 1.09 handle and resistance above 1.10 level. Later today, in the US session, Building Permits and Housing Starts figures are scheduled for a release, while the focus of the session will be on FOMC rate decision and the following statement.

More in this category: « Aussie rebounding after being Tuesday's underperformer UK Unemployment Rate fell to 5.2% »

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