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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
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
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/dkQtNiE1fs
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/hiWxPVFdMv
  • S&P 500 bulls in command, #Nasdaq 100 produces “V” shaped recovery, while #FTSE 100 extends . Get your #equities market update from @daniele recovery https://t.co/mbWlBUItWv https://t.co/N64fXcj97Y
  • Crude #oil prices await the #OPEC+ meeting where record output cuts could be prolonged as demand for energy from the US and China continues recovering. What could be the downside risks? https://t.co/M8BORPx4sH https://t.co/3kHHeibDb9
  • The risk rally continued in a big way this week and #Euro bulls have remained in-charge against the US Dollar and Japanese #Yen. Get your market update from @JStanleyFX here: https://t.co/o7vPmczvMJ https://t.co/GX2YTXz83u
  • The price of #gold may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670). Get your Gold market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/UQVPIVCTCP
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
Euro-Zone Manufacturing Activity Index Drops to 3-Year Low

Euro-Zone Manufacturing Activity Index Drops to 3-Year Low

2012-07-24 08:45:00
Benjamin Spier, Technical Strategist
Share:

THE TAKEAWAY: Euro-zone PMI for manufacturing drops to 44.1, PMI for services rises to 47.6 -> 11 straight months of declining Euro-zone output -> Euro continues to trade above 1.2100

Euro-zone manufacturing activity fell during July at the sharpest rate in 3 years according to an initial Purchasing Managers’ Index. The PMI for manufacturing fell to 44.1 in July, lower than the expected 45.2 survey result; PMI for services was up to 47.6, higher than an expected unchanged 47.1 survey result. The composite index for both industries was reported by Markit at 46.4, unchanged from June and in line with expectations. This is the eleventh straight month of a drop in Euro-zone industry activity, as any survey result below 50.0 indicates a decline.

Employment fell for the seven straight month in the Euro-zone according to the PMI survey, falling by a steeper pace in the services industry. French services saw a slight increase in activity according to the survey, beating expectations by rising to a 50.2 PMI.

Both German PMI for services and manufacturing declined at a sharper rate than expected by analysts. The index for factory production was reported at 43.3 for July, a 10-month low, which was lower than the expected 45.0; the index for services was reported at 49.7, a 37-month low and lower than the expectation for unchanged output at 50.00. Markit wrote in its PMI release that German business conditions are far less healthy now than in the first half of 2012.

Markit’s Chief Economist Chris Williamson said the PMI results show that the Euro-area downturn is showing no signs of letting up and he predicted a 0.6% decline for Q2.

The declining PMI's comes amidst a broader Euro-zone crisis, as Spanish regions have begun approaching the state for bailouts, and the IMF and ECB are arriving in Athens today to see if Greece will stand by its deficit cutting obligations required by the bailout agreement. Predictions of a Greek exit have begun to resurface over the past few days and the Euro remains sensitive to every update in the debt crisis.

The Euro took a brief rise against USD on the unexpected rise in French PMI for services before declining under the psychologically significant 1.2100 support following the worse than expected German PMI’s. EURUSD continues to trade slightly above 1.2100 as the composite PMI for all of the Euro-zone was as expected. Resistance should come in around a long-term resistance line at 1.2150.

Euro-Zone_Factory_Output_Index_Drops_to_3-Year_Low_______body_eurusd_daily_chart.png, Euro-Zone Manufacturing Activity Index Drops to 3-Year Low

“Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.”

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

DISCLOSURES

News & Analysis at your fingertips.