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 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

Want to trade with proprietary strategies developed by FXCM? Find out how here.

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.

New to Forex? Watch this video

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.

DISCLOSURES