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.

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
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
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
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Breaking news

British Pound sinks as EU Brexit negotiator Barnier says there may not be an EU/UK deal

Real Time News
  • 💶 Unemployment Rate (OCT) Actual: 8.4 Expected: 8.4% Previous: 8.3% https://www.dailyfx.com/economic-calendar#2020-12-02
  • Heads Up:💶 Unemployment Rate (OCT) due at 10:00 GMT (15min) Expected: 8.4% Previous: 8.3% https://www.dailyfx.com/economic-calendar#2020-12-02
  • Several member states open to continuing talks after December 31st deadline if a good deal can't be reached by then, according to a Senior EU Diplomat $GBP
  • The bullish engulfing candle is one of the forex market's most clear-cut price action signals for reversals and continuation. Learn more about this price action trading signal here: https://t.co/Yg6ecRZZNr https://t.co/05r8BcNRyt
  • Adds that some EU member states have become jittery as the Brexit endgame nears $GBP
  • EU Diplomat says still unclear if negotiators can bridge gaps on 3 key issues $GBP
  • Heads Up:🇬🇧 BoE FPC Meeting due at 09:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-12-02
  • 🇮🇹 Unemployment Rate (OCT) Actual: 9.8% Expected: 9.9% Previous: 9.7% https://www.dailyfx.com/economic-calendar#2020-12-02
  • 🇮🇹 Unemployment Rate (OCT) Actual: 9.8% Expected: 9.9% Previous: 9.6% https://www.dailyfx.com/economic-calendar#2020-12-02
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.23%, while traders in EUR/USD are at opposite extremes with 76.39%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tOPLdyRuXM
Euro Trades Higher on Better than Expected PMIs

Euro Trades Higher on Better than Expected PMIs

2013-05-23 08:56:00
Benjamin Spier, Technical Strategist
Share:

THE TAKEAWAY: Euro-zone composite PMI reported at 47.8 in May -> Markit says recession likely to continue in Q2 -> Euro trading higher

The Euro-zone composite output index beat expectations for May in an initial estimate released by Markit. The Composite PMI was reported at 47.8, higher than expectations for 47.2 and up from 46.9 in April. The manufacturing Purchasing Managers’ Index rose to 47.8 and beat expectations for 47.0; the index for services rose to 47.5 and beat expectations for 47.2. The flash PMI release is based on 85% of total replies to the surveys, and an index result below 50.0 indicates sector decline.

The German PMI for Manufacturing was reported higher in May at 49.0, beating expectations for 48.5. The German services PMI disappointed expectations at 49.8. The French PMI for manufacturing rose to 45.5 and beat expectations for a 44.7 index, but the PMI for services disappointed expectations at 44.3.

Markit’s Chief Economist Chris Williamson said the May PMI’s indicate that the six-quarter recession is likely to continue into a seventh quarter in Q2 of 2013. “The economy is likely to contract in the second quarter at a similar rate to the 0.2% decline seen in the first three months of the year,” said Williamson.

However, the Euro rose higher following the release, as the PMI’s were better than expected. EUR/USD is trading around 1.2875 at the time of this writing, and resistance may be provided by the key 1.3000 figure. A downward trend line from November 2011 may provide support near here.

(How does a Currency War affect your FX trading? Take our free course to find out!)

EURUSDDaily: May 23, 2013

Euro_Trades_Higher_on_Better_than_Expected_PMIs__body_eurusd_daily_chart.png, Euro Trades Higher on Better than Expected 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