Euro Mixed After Eurozone PMI Data
01:47, 1st July 2016
(RTTNews) - The euro showed mixed trading against its major rivals in the early European session on Friday, following the release of Eurozone manufacturing survey figures for June.
Data from Markit showed that the recovery in the euro area manufacturing sector gathered momentum in June. The final manufacturing Purchasing Managers' Index rose more than initially estimated to 52.8 in June from 51.5 in May. This was the fastest growth in six months. The flash score was 52.6.
Data revealed a wide performance disparity between Germany and France. Growth was led by a resurgent Germany and Austria.
Germany's PMI rose to a 28-month high of 54.5 from 52.1 in May and above the initially estimated reading of 54.4. Business conditions improved in each of the past 19 months.
The France PMI dropped marginally to 48.3 in June from 48.4 a month ago. The initial score was 47.9. That was the fourth sub-50 reading in as many months.
Italy's factory PMI climbed to 53.5 in June from May's three-month low of 52.4.
In other economic news, data from Eurostat showed that Eurozone unemployment declined as expected in May to the lowest since July 2011. The jobless rate fell to 10.1 percent in May, as expected, from 10.2 percent in April.
In the Asian trading today, the euro held steady against its major rivals.
In the European trading, the euro fell to 113.68 against the yen, from an early high of 114.74 and held steady thereafter.
Against the pound, the Swiss franc and the U.S. dollar, the euro advanced to 0.8371, 1.0848 and 1.1117 from early lows of 0.8316, 1.0819 and 1.1072, respectively. Thereafter, the euro held steady against the pound, the franc and the greenback.
Looking ahead, at 6:00 am ET, European Central Bank Chief Economist Peter Praet is expected to speak at Financial Times "Festival of Finance" in London. Later, Bank of England Chief Economist Andy Haldane will also talk about "cashless society" in the same venue.
In the New York session, final U.S. manufacturing PMI for June, construction spending data for May and U.S. Baker Hughes weekly rig count data are slated for release.
At 11:00 am ET, Federal Reserve Bank of Cleveland President Loretta Mester is expected to speak on the economic outlook and monetary policy before the European Economics Financial Centre Distinguished Speakers Seminar in London.
Copyright(c) 2024 RTTNews.com, Inc. All Rights Reserved