The euro weakened against the other major currencies in the early European session on Monday, after German and Eurozone manufacturing sector growth slowed down in April.

Data from Markit showed that the Eurozone manufacturing sector expanded slightly more than initially estimated in April. The Purchasing Managers' Index fell to 52 in April from 52.2 in March. It was above the flash score of 51.9.

The Germany's manufacturing PMI dropped to 52.1 in April from a 11-month high of 52.8 seen in March. But it was above the flash score of 51.9. The sector extended the current period of continuous growth to five months.

On the other hand, the French manufacturing PMI declined more than initially estimated in April. The index dropped to 48 from 48.8 in March. The flash score was 48.4. The latest reading pointed to an acceleration in the rate of deterioration.

Also, data from the think tank Sentix showed that Eurozone investor confidence weakened slightly in May. The investor confidence index fell to 19.6 from 20 in April, which was the highest score since August 2007. It was forecast to drop to 19.3. The expectations measure also fell to 26.5 in May from 31.5, the highest level since February 2006.

In the European bond market, the bond prices fell as yield rose followed by the European Central Bank's last month €60 billion bond-buying stimulus. In the Asian session today, the euro held steady against its major rivals.

In the European trading today, the euro fell to 4-day lows of 1.1135 against the U.S. dollar and 133.77 against the yen, from early highs of 1.1223 and 134.71, respectively. If the euro extends its downtrend, it is likely to find support around 1.08 against the greenback and 131.50 against the yen.

Against the Swiss franc, the euro edged down to 1.0443 from an early high of 1.0479. This may be compared to an early 4-day low of 1.0439. The euro may test support near the 1.02 region.

Moving away from an early 2-month high of 1.4902 against the NZ dollar, the euro slipped to 1.4779. On the downside, 1.43 is seen as the next support level for the euro.

Against the Australia and the Canadian dollars, the euro dropped to 1.4222 and 1.3540, respectively. The euro is likely to find support around the 1.31 area.

The euro edged down to 0.7351 against the pound, from an early high of 0.7396. The next possible downside target for the euro is seen at 0.70 level.

Looking ahead, U.S. factory orders data for March is slated for release in the New York session.

At 12:25 pm ET, U.S. Federal Reserve Bank of Chicago President Charles Evans is expected to speak about current economic conditions and monetary policy at the Columbus Economic Development Board's Annual Meeting in Indiana.

Subsequently, U.S. Federal Reserve Bank of San Francisco President John Williams is expected to speak on "Creating Jobs and Economic Opportunity through Small Business" before the Pacific Community Ventures Luncheon in San Francisco at 3:10 pm ET.

U.K. banks will be closed in observance of the Early May Bank holiday. The banks of Japan will be also closed in observance of Greenery Day holidays.

Euro vs NZD (FX:EURNZD)
Forex Chart
From Feb 2024 to Mar 2024 Click Here for more Euro vs NZD Charts.
Euro vs NZD (FX:EURNZD)
Forex Chart
From Mar 2023 to Mar 2024 Click Here for more Euro vs NZD Charts.