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Euro May Extend Decline as Soft PMI Data Bolsters ECB Easing Bets

Euro May Extend Decline as Soft PMI Data Bolsters ECB Easing Bets

Ilya Spivak,

Talking Points:

  • Euro May Drop Further as Soft PMI Data Bolsters Stimulus Expansion Bets
  • Australian, NZ Dollars Rise as Post-ECB Risk Rally Moves to Asian Bourses
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The preliminary set of October’s Eurozone PMI figures headlines the economic calendar in European trading hours. The regional Composite gauge is expected to show the pace of manufacturing- and service-sector growth slowed for the second consecutive month, registering at the weakest level since February.

Economic news-flow out of the currency bloc has increasingly disappointed relative to consensus forecasts over the past month, hinting that analysts are underestimating the degree of malaise plaguing the region. That opens the door for a downside surprise, which may feed ECB stimulus expansion bets and compound downside pressure on the Euro.

The sentiment-linked Australian and New Zealand Dollars outperformed in overnight trade as Asian bourses mirrored yesterday’s swell in risk appetite on Wall Street. The MSCI Asia Pacific regional benchmark equity index rose over 1 percent as traders cheered a dovish ECB policy announcement that paved the way for further easing at the central bank’s December sit-down.


Asia Session

01:30CNYChina September Property Prices ---
01:35JPYNikkei Japan PMI Mfg (OCT P)52.550.551.0
02:00CNYConference Board Leading Index (SEP)339.5-334.2
05:00JPYLeading Index CI (AUG F)103.5-103.5
05:00JPYCoincident Index (AUG F)112.2-112.5

European Session

07:00EURMarkit France Mfg PMI (OCT P)50.250.6Low
07:00EURMarkit France Services PMI (OCT P)51.751.9Low
07:00EURMarkit France Composite PMI (OCT P)51.651.9Low
07:30EURMarkit/BME Germany Mfg PMI (OCT P)51.752.3Medium
07:30EURMarkit Germany Services PMI (OCT P)53.954.1Medium
07:30EURMarkit/BME Germany Composite PMI (OCT P)53.754.1Medium
08:00EURMarkit Eurozone Mfg PMI (OCT P)51.752Medium
08:00EURMarkit Eurozone Services PMI (OCT P)53.553.7Medium
08:00EURMarkit Eurozone Composite PMI (OCT P)53.453.6Medium
09:00EUREurozone 2Q Government Debt --Low
09:00EUREurozone 2Q Government Deficit --Low

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.