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Euro, Aussie and NZ Dollars May Fall as Yen Gains on Eurozone PMIs

Euro, Aussie and NZ Dollars May Fall as Yen Gains on Eurozone PMIs

Ilya Spivak,

Talking Points:

  • Euro May Decline if Soft Eurozone PMIs Inspire Bets on More ECB Stimulus
  • Aussie, NZ Dollars to Fall as Yen Gains if PMIs Amplify Global Slowdown Fears
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The preliminary set of September’s Eurozone PMI figures headlines the economic calendar in European trading hours. The regional composite measure is expected to tick lower, pointing to slowing manufacturing- and service-sector growth. Economic news-flow out of the currency bloc has increasingly deteriorated relative to consensus forecasts since the beginning of the month, suggesting analysts’ models may be over-estimating the vigor of the region’s recovery and opening the door for a downside surprise.

Such a result may amplify global slowdown fears and fuel continued risk aversion, boosting the Japanese Yen while punishing the sentiment-geared Australian, Canadian and New Zealand Dollars. The Euro may likewise come under pressure amid speculation that softening economic conditions could spur the ECB to expand monetary stimulus after the central bank’s President Mario Draghi opened the door for such a possibility at this month’s policy meeting.


Asia Session

00:00AUDConf. Board Leading Index (MoM) (JUL)---0.2%
01:00AUDSkilled Vacancies (MoM) (AUG)--0.1%
01:45CNHCaixin China PMI Mfg (SEP P)-47.547.3

European Session

06:45EURFrench GDP (YoY) (2Q F)1.0%1.0%Medium
06:45EURFrench GDP (QoQ) (2Q F)0.0%0.0%Medium
07:00EURFrench Markit Manufacturing PMI (SEP P)48.648.3Low
07:00EURFrench Markit Services PMI (SEP P)51.050.6Low
07:00EURFrench Markit Composite PMI (SEP P)50.450.2Low
07:30EURGerman Markit/BME Manufacturing PMI (SEP P)52.653.3High
07:30EURGerman Markit Services PMI (SEP P)54.554.9High
07:30EURGerman Markit/BME Composite PMI (SEP P)54.655.0High
08:00EUREurozone Markit Manufacturing PMI (SEP P)52.052.3High
08:00EUREurozone Markit Services PMI (SEP P)54.254.4High
08:00EUREurozone Markit Composite PMI (SEP P)54.054.3High

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.