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
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • 🇺🇸 Overall Net Capital Flows (MAR) Actual: $146.4B Previous: $73.7B https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇺🇸 Foreign Bond Investment (MAR) Actual: $118.9B Previous: $-65.5B https://www.dailyfx.com/economic-calendar#2021-05-17
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.31% France 40: 0.25% Germany 30: 0.16% Wall Street: -0.01% US 500: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2O0aGnwxiF
  • Heads Up:🇺🇸 Overall Net Capital Flows (MAR) due at 20:00 GMT (15min) Previous: $72.6B https://www.dailyfx.com/economic-calendar#2021-05-17
  • Heads Up:🇺🇸 Foreign Bond Investment (MAR) due at 20:00 GMT (15min) Previous: $-65.5B https://www.dailyfx.com/economic-calendar#2021-05-17
  • USD/JPY continues to pullback from the monthly high (109.79) to largely mirror the recent weakness in longer-dated US Treasury yields. Get your market update from @DavidJSong here:https://t.co/fv1jjcufMX https://t.co/RQrkxYSsG7
  • Gold continues to climb as US real yields maintain their decline $XAUUSD https://t.co/M8GH93UvoL
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.72% Gold: 1.24% Oil - US Crude: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/LEuM2UyMpc
  • Canadian #Dollar Forecast: $USDCAD Seven-Week Plunge Searches Support - https://t.co/XW5aHqivhu https://t.co/rrZtho7V70
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.08%, while traders in Germany 30 are at opposite extremes with 74.85%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RpXt0c3dDQ
Euro-zone PMI Points to 16 Months of Declining Output

Euro-zone PMI Points to 16 Months of Declining Output

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Euro-zone services PMI revised lower for May -> Composite index indicates 16 months of declining output -> Euro trading steady

Euro-zone composite output declined for the 16th consecutive month in May, but the rate of decline hit a three month low, according to Markit’s composite output Purchasing Managers’ Index. The composite PMI was confirmed at 47.7 in a final estimate for May, following the 46.9 composite index result seen in April. The services PMI for May was revised lower to 47.2 from a previous estimate of 47.5, but still higher than the 47.0 services PMI in April. A PMI above 50.0 indicates sector activity expansion.

The German composite index showed a slight rise in output at 50.2, while the Spanish composite output index reached a 23-month high in May at 47.2. New business contracted for the twenty second consecutive month, according to Markit, and job losses were reported for the seventeenth consecutive month.

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, with the index pointing to 0.2% GDP contraction. “The reality is that the region lacks any growth drivers, making it difficult to believe that anything better than a mere stabilisation of economic activity remains unlikely for the foreseeable future,”said Williamson.

The Euro showed little reaction to the downward revision of the services PMI, and EUR/USD continues to trade slightly below 1.3100 in Forex markets. The pair may see resistance at 1.3191, by the 50% retracement of the rise from November’s low to February’s high, and support may be provided by the key 1.3000 figure.

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

EURUSD Daily: June 5, 2013

Euro-zone_PMI_Points_to_16_Months_of_Declining_Output_body_eurusd_daily_chart.png, Euro-zone PMI Points to 16 Months of Declining Output

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