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EURUSD STUMBLES ON EUROZONE FIGURES

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EURUSD STUMBLES ON EUROZONE FIGURES

Nov 20 2014, 11.25am GMT

STOCK.com

German and French manufacturing output is down but UK retail figures up.

French Flash Manufacturing PMI is down this month to 47.6 from 48.5 following an optimistic forecast of 48.9, indicating contraction below 50.

German Flash Manufacturing PMI was also down to 50.0 from 51.4, contracting against the forecast of 51.5, which would have brought Germany on track to be the key to Euro strength. 

Meanwhile UK Retail Sales m/m rose above the forecast of 0.4% giving data at 0.8% from a poor previous monthly figure of -0.4%.

Purchasing manager’s index Markit released additional overall European figures today noting:

November flash PMI signals weakest eurozone growth for 16 months:

  • Flash Eurozone PMI Composite Output Index(1) at 51.4 (52.1 in October). 16-month low.
  • Flash Eurozone Services PMI Activity Index(2) at 51.3 (52.3 in October). 11-month low.
  • Flash Eurozone Manufacturing PMI(3) at 50.4 (50.6 in October). 2-month low.
  • Flash Eurozone Manufacturing PMI Output Index(4) at 51.8 (51.5 in October). 4-month high.

Data collected 12-19 November.

The pace of economic growth in the euro area slowed to a 16-month low in November, according to the Markit index survey.

The EURUSD stumbled from 1.2570 down to 1.2508 in the first 2 hours after the data was released.

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