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Euro Drops Slightly on a Composite PMI Revision

Euro Drops Slightly on a Composite PMI Revision

Benjamin Spier, Technical Strategist
  • Euro-zone composite PMI revised lower in a final revision
  • Markit estimates that third quarter GDP growth may only reach 0.2%
  • Euro declines slightly

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The Euro-zone PMI composite output index for August was revised slightly lower, but still set a new 2-year high, according to the final estimate by Markit. The composite index was revised lower to 51.5 from a previous 51.7 estimate for August, but up from 50.5 in July. The final Euro-zone Purchasing Managers’ Index for services was revised lower to 50.7 from 51.0, but was still reported above the 50.0 neutral line for the first time in a year and a half.

Markit reported that the main factor behind the faster expanding output was a growth in new order inflows in August for the first time since July 2011. However, job losses were reported for the twentieth consecutive month. Composite output for Germany was reported at a 7-month high at 53.5, while France’s output fell in August to 48.8.

The Euro-zone economy emerged from a recession in the second quarter of this year, by expanding by 0.3% on a quarterly basis. That GDP number will be revised later today in s Eurostat release at 09:00 GMT. Markit estimated that GDP expansion may even decline slightly in the third quarter. “Although the picture is improving, the survey is still consistent with only very modest economic growth of approximately 0.2% in the third quarter,” said Markit Chief Economist Chris Williamson.

The Euro declined about 15 pips against the US Dollar, as some of the PMI releases across the Euro-zone slightly disappointed expectations and previous estimates. EUR/USD may again see resistance at 1.3193, by the 38.2% retracement of the rally from the pair’s all-time low to the all-time high. The key 1.3000 level may provide support.

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EURUSD Daily: September 4, 2013

Euro_Drops_Slightly_as_the_Composite_PMI_was_Revised_Lower_body_eurusd_daily_chart.png, Euro Drops Slightly on a Composite PMI Revision

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.

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