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Euro Ascends after Solid Manufacturing Data Set

By David Schutz
02 April 2012 08:26 GMT

THE TAKEAWAY: Euro-area March PMI manufacturing unchanged; German index rises -> Manufacturing composite still locked in contraction range -> Euro strong on the day after yesterday’s solid Chinese manufacturing data

The Euro-area manufacturing sector experienced positive results overall in March, sending the single currency past yesterday’s highs against the dollar and bolstering bids intraday against the Yen. Although the all-inclusive composite index remainined unchanged from last month’s 47.7, Europe’s powerhouse Germany joined a number of peripheral nations in disclosing stronger than expected March data. A number below 50 indicates market contraction.

actual expected previous

European_PMI_body_Picture_5.png, Euro Ascends after Solid Manufacturing Data Set

The Euro found bids on the news in the aftermath of the better than expected Chinese manufacturing released overnight. The single currency registered a fresh session high against the US dollar and climbed against the Yen.

European_PMI_body_BOE.png, Euro Ascends after Solid Manufacturing Data Set

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02 April 2012 08:26 GMT