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
Bullish
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
Bullish
Gold
Mixed
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • The US Dollar is pressured as rising coronavirus cases fail to dent 2021 GDP bets. Could the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit rise? Find out from @ddubrovskyFX here:https://t.co/u1qhaIGGoC https://t.co/O2i6DZLkIB
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.02% Silver: -0.02% Oil - US Crude: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/8fnXlqvZEz
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.07% 🇨🇭CHF: 0.05% 🇬🇧GBP: 0.01% 🇯🇵JPY: -0.06% 🇦🇺AUD: -0.09% 🇳🇿NZD: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/T8ma15KmYS
  • RT @DanielGMoss: #JacindaArdern’s balancing act with China may fuel further gains for the trade-sensitive $NZD $AUDNZD Head and Shoulders…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.85%, while traders in US 500 are at opposite extremes with 73.24%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tUOYKl0cyo
  • Okay so what's China CPI today? Its changed like 3 times on Bloomberg
  • Since the stock market bottomed back in March, the S&P 500 has gone on to climb over 40%. Get your S&P500 market update from @FxWestwater here: https://t.co/Ff7iHAUObN https://t.co/bLO6xva4Fw
  • 🇦🇺 Investment Lending for Homes (MAY) Actual: -15.6% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2020-07-09
  • 🇦🇺 Home Loans MoM (MAY) Actual: -10.2% Previous: -5.0% https://www.dailyfx.com/economic-calendar#2020-07-09
  • 🇨🇳 Inflation Rate MoM (JUN) Actual: -0.1% Expected: 0% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2020-07-09
Forex News: Improved Composite Output Fails to Move the Euro

Forex News: Improved Composite Output Fails to Move the Euro

2012-12-05 09:39:00
Benjamin Spier, Technical Strategist
Share:

THE TAKEAWAY: Euro-zone Composite Output reported at 46.5, slightly improved -> Negative output for 10th consecutive month -> Euro trading steady

Euro-zone composite output dropped for the 10th consecutive month according to final estimate of Markit’s Purchasing Managers’ Index. The index of composite output was reported at 46.5 in November, rising from a previous estimate of 45.8, and higher than October’s 45.7 composite output, which was a 40-month low. The PMI for services rose to 46.7 in the final estimate from a previously estimated 45.7, it was also higher than October’s 46.0 services index. Any PMI below 50.0 indicates a contraction in sector activity.

Ireland was the only Euro-zone country to see a rise in business activity according to the PMI; the rate of expansion barely changed from October’s 20-month high. The rates of decline eased a bit in France, Spain, and Germany.

The level of new business in Euro-zone services and manufacturing contracted for the 16th month in a row in November. Employment fell for the eleventh straight month according to the PMI.

The Euro-zone hit a technical recession when its GDP declined for the previous two quarters, and Euro investors are looking for a sign that the economy will return to growth in Q4. The PMI’s do not suggest economic expansion in Q4, but not all signs were bad according to Markit. Chief Economist Chris Williamson said, ‘There are signs that the recession may have reached a nadir, however, at least in terms of the rate of decline, and it is reassuring to see that the final Eurozone PMI reading came in higher than the earlier flash estimate.

The Euro seemed unaffected by the improved PMI’s, and trading in forex markets remained steady. EURUSD continued yesterday’s rally in today’s session despite the meeting of finance ministers failing to reach a final agreement on the banking supervisor. The pair is currently trading above 1.3100, and resistance could be provided by a 2-month high at 1.3139. Support could be provided at 1.3026, by the 76.4% retracement of the drop from October’s high to November’s low.

EURUSD Daily: December 5, 2012

_Improved_Composite_Output_Fails_to_Move_the_Euro_body_eurusd_daily_chart.png, Forex News: Improved Composite Output Fails to Move the Euro

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

DISCLOSURES

News & Analysis at your fingertips.