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Euro Dives to a Fresh Yearly Low Despite Euro-Zone Services, Manufacturing Expanding at the Fastest Pace in Three Years

Euro Dives to a Fresh Yearly Low Despite Euro-Zone Services, Manufacturing Expanding at the Fastest Pace in Three Years

2010-05-05 12:09:00
Michael Wright, Currency Analyst
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fx05.05

Fundamental Headlines

• Nationwide Strike Tests Greece– Wall Street Journal
• Bailout Fails to Calm Europe – Wall Street Journal
• Greek Tremors Continue to Rock Markets - Financial Times
• Greeks Halt Flights, Close Shops, Schools with 24- Hour Strike Against Cuts - Bloomberg
Pound Rally Supports Cameron Victory as U.K. Polls Suggest Hung Parliament - Bloomberg


EUR/USD –  Manufacturing and services industries in Europe expanded at the fastest pace since August 2007. The final composite index reading jumped to 57.3 in April from 55.9 (a reading above 50 indicates expansion) in March, and was in line with expectations as the figures show that Europe’s recovery is gathering strength. A separate report showed that the index of services, which accounts for approximately 60% of the region’s GDP advanced to 55.6 from 54.1 in March, while manufacturing rose to 57.6 from 56.6 in the same period.  Despite the positive readings from the region, the euro's southern journey maybe far from over as traders speculate that the $143 billion life line awarded to Greece will need to be extended to both Portugal and Spain. To discuss and other topics, please visit the EUR/USD forum.


GBP/USD
– Construction in the U.K. expanded at the fastest pace in more than two and a half years amid increased demand for homes and commercial property. Figures showed that the reading jumped to 58.2 in April from 53.1 in March to exceed economists’ expectations of 53.2.   The data shows an improved outlook for the region as the country battles an unnerving budget deficit. Looking ahead, the currency is likely to be volatile ahead of the election tomorrow as Britain heads into a hung parliament.  To discuss and other topics, please visit the EUR/USD forum.


Related Articles:

Euro Extends Two Day Nose Dive Amid Greek Debt Contagion Fears, British Pound Halts Three Day Decline



Writte by Michael Wright
Questions? Email me at instructor@dailyfx.com


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