We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.99% Gold: 0.14% Oil - US Crude: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/WLLkyZNDig
  • #DAX: A breakout above 12913 could soon have the gap-down in focus from February that kicked off the massive Q1 sell-off. Get your DAX market update from @PaulRobinsonFX here: https://t.co/Cw29vVEcxI https://t.co/Z3fN7K5kpX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.02%, while traders in US 500 are at opposite extremes with 74.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/n5Xuy8XTuC
  • #Fed Beige Book: - Employment increased on net in nearly all districts - Payrolls remain well below pre-pandemic level in almost all districts $DXY
  • #Fed Beige Book: - Economic activity increased in nearly all districts, but down from pre-pandemic levels - Retail sales led by rebound in auto sales - Most districts report uptick in manufacturing activity - Construction remains subdued $DXY
  • RT @MarketsTicker: Fed's Beige Book says activity increased in almost all districts but remains well below pre-pandemic levels
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.69% Wall Street: 0.64% Germany 30: -0.22% FTSE 100: -0.22% France 40: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uVAPLeD1hH
  • New York #Fed Executive VP Logan says drop in balance sheet a signal of financial market health - BBG
  • The plunge in gold volatility has not seen an ensuing drop in gold prices – more evidence that our longstanding axiom on the gold volatility-gold price relationship holds true. Get your $XAUUSD market update from @CVecchioFX here: https://t.co/GeXl10ibPv https://t.co/xH8yBn8qAG
  • Heads Up:🇺🇸 Fed Beige Book due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-15
Euro Sets Fresh 2-Year Lows as Manufacturing and Service Outputs Shrink

Euro Sets Fresh 2-Year Lows as Manufacturing and Service Outputs Shrink

2012-05-24 08:40:00
Benjamin Spier, Technical Strategist
Share:

THE TAKEAWAY: EC PMI Manufacturing down to 45.0, PMI Services down to 46.5 -> German business confidence slows on worries over Greece -> Euro sets new 2-year lows

It’s more bearish news for the Eurozone as production and manufacturing sectors both dropped in May more than expected. The purchasing managers index for manufacturing was down to 45.0 from 45.9 in April, instead of an expected rise in manufacturing. The composite index for services was down to 46.5 from 46.9 the previous month, instead of the expected 46.7, according to Markit Economics. Any level underneath 50 indicates a contraction.

Europe’s biggest economy and main backer of austerity contributed to the manufacturing drop. Germany’s index for manufacturing came in at 45.0 for May, way below the expected 47.0. However, Germany’s services output improved as the PMI came in at 52.2, above the expected 52.0 for March. Earlier today, France’s services and manufacturing were both reported to be contracting faster than expected.

The drop in output could support those who want to scale back austerity measures in Europe and instead stimulate growth to battle the severe debt levels.

The debt crisis seems to be worrying German businesses. German IFO current assessment came in lower than expected at 113.3 for May. IFO expectations was also at a lower than expected 100.9. The negative German manufacturing and business confidence follows an earlier confirmation of the country’s economic expansion in Q1 of this year.

euro_pmi_body_eurusd.png, Euro Sets Fresh 2-Year Lows as Manufacturing and Service Outputs Shrink

EURUSD set new 2-year lows at 1.2515 following the weak PMI’s before snapping back up above the previous support level at 1.2544.

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

DISCLOSURES

News & Analysis at your fingertips.