News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

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
Subscribe
Please try again
More View more
Real Time News
  • Will be covering the Japanese #Yen to see how retail positioning could shape the outlook for $USDJPY, $AUDJPY and $EURJPY Starting in about 30 minutes! Signup for the session below: https://t.co/afqne77wU6
  • Join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQioRZER https://t.co/h2DAnqnY7J
  • #BlackRock: We are neutral U.S. equities. We see U.S. growth momentum peaking and expect other regions to be attractive ways to play the next leg of the restart as it broadens to other regions, notably Europe and Japan $SPX $NDX
  • #BlackRock: The new nominal theme leads to a steeper yield curve expectation than market pricing. We see yields rising gradually, keeping us broadly underweight government bonds, particularly for longer maturities #trading $TLT
  • BlackRock: We are overweight European equities, and neutral Japan #trading
  • Gold prices face off with rising Treasury yields as jobs data approaches. Meanwhile, iron ore prices caught a small bid on bullish port activity out of China. Get your market update from @FxWestwater here:https://t.co/A79cY6KvDI https://t.co/rJ0xqsUPu1
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwvklO https://t.co/cRqAcvYkI8
  • #Blackrock: We are moderately pro-risk and keep some cash to potentially further add to risk assets on any market turbulence #trading $SPX $RUT $DJIA
  • RT @BrendanFaganFx: Natural Gas Outlook: Price Continues to Soar as Severe Winter Shortage Looms $NG $NG_F Link: https://www.dailyfx.com/forex/market_alert/2021/09/28/Natural-Gas-Outlook-Price-Continues-to-Soar-as-Severe-Winter-Shortage-Looms.html…
  • USD/CAD is set to snap a five-day sell-off with today’s rally breaking near-term downtrend resistance. Get your $USDCAD market update from @MBForex here:https://t.co/GhpA2pJJqL https://t.co/sDuE9WdDEg
Euro Sets New 14-Month High on Improved Manufacturing PMIs

Euro Sets New 14-Month High on Improved Manufacturing PMIs

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Euro-zone manufacturing PMI for January revised higher to 47.9 -> PMI’s confirm ECB optimism -> Euro continues to set new highs

Euro-zone manufacturing activity continued to decline for the eighteenth straight month according to Markit’s PMI, but the rate of decline was the slowest in 11-monhts. The Purchasing Managers’ Index for manufacturing was revised higher to 47.9 from 47.5 in the final estimate for January. The German PMI for manufacturing saw a full point revision in the final January estimate of 49.8. A PMI below 50.0 indicates a decline in sector activity.

As Germany’s PMI set a new high and the manufacturing sector saw a return to growth in output, France’s PMI declined to a 4-month low of 42.9. Manufacturing output across the Euro-zone contracted for the eleventh straight month in January, according to Markit. Ireland and the Netherlands also saw increases in manufacturing production. Euro-zone manufacturing employment fell for the twelfth straight month and at a quicker pace.

The improved PMI’s seem to confirm the ECB prediction for the Euro-zone to see a recovery later in 2013. Markit Chief Economist Chris Williamson said, “While the industrial sector looks likely to have acted as a drag on the Euro-zone economy in the final quarter of last year, the PMI provides hope that the first quarter could mark the start of a turnaround.” Signs of economic growth would be Euro positive.

The Euro rose about 40 points against the US Dollar to 1.3650 as the countries’ PMI’s were being released. EUR/USD continued to set new 14-month highs in today’s session, following the rally over the past four days in Forex trading. Resistance may now be provided by the next high around 1.3850, and support could be provided by a broken resistance around 1.3500.

EURUSD Daily: February 1, 2013

Euro_Raises_14-Month_High_on_Improved_Manufacturing_PMIs_body_eurusd_daily_chart.png, Euro Sets New 14-Month High on Improved Manufacturing PMIs

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

DISCLOSURES