wrapper

Euro lower after mixed PMI data

Monday, May 23 2016
French private sector activity grew at the fastest pace in seven months in May, easing concerns over the economic outlook of the euro zone’s second largest economy, preliminary data showed on Monday. The preliminary services purchasing managers’ index improved to a seasonally adjusted 51.8 this month, a seven-month high. The reading came in above expectations for 50.6 and up from 50.6 in April. In contrast, the French manufacturing purchasing managers’ index inched up to a seasonally adjusted 48.3 this month, missing expectations for 48.8 but up from 48.0 a month earlier. 
Growth in Germany's private sector accelerated in May to hit the highest level so far this year, a survey showed on Monday, suggesting Europe's largest economy will extend its surprisingly strong start to the year into the second quarter. Markit's flash composite Purchasing Managers' Index (PMI), which tracks the manufacturing and services activity that accounts for more than two-thirds of the German economy, rose to 54.7 in May from 53.6 in April. The PMI sub-index for manufacturing edged up to a five-month high of 52.4 as companies in the sector saw their output rise at the strongest rate so far this year. The sub-index for business activity in services rose to 55.2, the strongest reading since February, with jobs being created at the fastest rate since December 2015.
 
Euro is currently being traded few points below 1.1210 level. Pair is likely to find support around 1.1180 handle and resistance above 1.1250 level. There will be no major data releases later today.
More in this category: « Aussie little changed in a quite Monday trade Oil prices influenced by stronger US dollar »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.