Euro Climbs After Upbeat Eurozone, German PMIs
22 Septembre 2017 - 7:40AM
RTTF2
The euro spiked up against its major rivals in the early
European deals on Friday, as German private sector activity grew at
the fastest pace in almost six-and-a-half years in September and
Eurozone business activity picked up to its highest since May,
signaling robust growth momentum in the region.
Flash data from IHS Markit showed that Eurozone composite output
index rose unexpectedly to 56.7 in September from 55.7 in August.
The expected score was 55.6.
While service sector activity showed the largest rise since May,
the increase in manufacturing output was the greatest since April
2011.
Separate data from the same agency showed that German composite
output index rose unexpectedly for the consecutive second month in
September, to 57.8 from 55.8 in August. This was the highest
reading since April 2011. The reading was forecast to fall to
55.7.
The manufacturing Purchasing Managers' Index climbed to 60.6 in
September from 59.3 in August. The expected reading was 59.
Speaking in Dublin, the European Central Bank President Mario
Draghi said that the bank's monetary policy measures that aimed to
maintain price stability are supporting domestic demand and thereby
boosting employment.
Countries should continue addressing youth unemployment with
determination and as a priority, Draghi said.
"We have seen how in several countries the weight of the crisis
has fallen disproportionately on the young people, leaving a legacy
of failed hopes, anger and ultimately mistrust in the values of our
society and in the identity of our democracy."
The currency showed mixed performance in the Asian session.
While the euro fell against the franc and the yen, it rose against
the pound and the greenback.
The euro climbed to 1.1998 against the greenback, from a low of
1.1937 hit at 5:30 pm ET. The next possible resistance for the
euro-greenback pair is seen around the 1.21 region.
The single currency spiked up to 1.1623 against the Swiss franc,
a level unseen since January 2015. On the upside, 1.19 is possibly
seen as the next resistance for the euro-franc pair. The euro hit a
2-day high of 0.8838 against the pound, after having fallen to
0.8787 at 5:00 pm ET.Continuation of the euro's uptrend may see it
challenging resistance around the 0.90 region.
The 19-nation currency reversed from an early low of 133.50
against the Japanese yen, rising to a 21-month high of 134.41. If
the euro extends uptrend, it may target 136.00 as the next
resistance level.
The euro advanced to a 2-day high of 1.4743 against the loonie,
up from Thursday's closing value of 1.4718. The euro is likely to
challenge resistance around the 1.53 region.
The common currency rose back to 1.5101 against the aussie, just
few pips short of its early 3-week peak of 1.5109. Further uptrend
may take the euro to a resistance around the 1.55 area.
Looking ahead, Canada CPI for August and retail sales for July
as well as Markit's U.S. manufacturing PMI for September are set
for release in the New York session.
At 7:15 am ET, ECB Vice President Vitor Constancio gives closing
remarks at the ECB conference "Low inflation: Lessons from the
past! Lessons for the future?" in Frankfurt, Germany.
Two hours later, Constancio is chairing panel "Macroprudential
policy beyond banking" at the 2nd ESRB annual conference in
Frankfurt, Germany.
Federal Reserve Bank of Kansas City President Esther George
gives opening keynote before the Federal Reserve Banks of Kansas
City and Dallas Energy Conference: "Global Oil Supply & Demand:
Prospects for Greater Balance at 9:30 am ET.
Federal Reserve Bank of Dallas President Robert Kaplan
participates in moderated Q&A session before the Federal
Reserve Banks of Kansas City and Dallas Energy Conference: "Global
Oil Supply & Demand: Prospects for Greater Balance" at 1:30 pm
ET.
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