Euro Advances After Better-than-expected German PMI Data
22 Gennaio 2021 - 7:16AM
RTTF2
The euro drifted higher against its major counterparts in the
European session on Friday, as a data showed that German PMI beat
forecasts in January, signaling a recovery in economic activity
from the Covid-19 crisis.
Flash survey results from IHS Markit showed that German services
Purchasing Managers' Index came in at 46.8, versus expectations of
45.3.
The flash composite output index fell to 50.8 in January from
52.0 in December. However, the reading was above the economists'
forecast of 50.3.
The manufacturing PMI dropped to a 4-month low of 57.0 from 58.3
in December, but was above the forecast of 57.5.
The dollar has been falling over the last few weeks, lifting the
euro.
Hopes of increased stimulus under the Biden's administration
have prompted investors to dump the safe-haven greenback.
The euro appreciated to an 8-day high of 126.33 against the yen
and a 9-day high of 1.2190 against the greenback, compared to
Thursday's closing values of 125.88 and 1.2162, respectively. The
euro is likely to challenge resistance around 127.5 against the yen
and 1.24 against the greenback.
The euro spiked up to a 3-day high of 1.5464 against the loonie,
2-day high of 1.6957 versus the kiwi and a 10-day high of 1.5779
against the aussie, up from yesterday's closing values of 1.5363,
1.6841 and 1.5653, respectively. The next possible resistance for
the euro is seen around 1.56 against the loonie, 1.74 versus the
kiwi and 1.62 against the aussie.
The euro rose to a 3-day high of 0.8916 against the pound from
Thursday's close of 0.8858. The euro is seen facing resistance
around the 0.92 mark.
Data from the Office for National Statistics showed that UK
retail sales recovered in December but the pace of growth was much
slower than expected.
The retail sales volume gained 0.3 percent month-on-month,
reversing a 4.1 percent decline seen in November. However, the pace
of growth was weaker than the economists forecast of +1.2
percent.
The European currency edged up to 1.0777 against the franc,
after falling to 1.0761 at 5:00 pm ET. On the upside, 1.10 is
likely seen as its next resistance level.
Looking ahead, Canada retail sales for November and U.S.
existing home sales for December are set for release in the New
York session.
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