Euro Sinks as Eurozone PMI Data Disappoints
- Euro-zone Services PMI 51.6 in Jan vs. 51.9 Flash Estimate
- Euro Sinks Against the U.S. Dollar Following PMI Report
- Spotlight Now on This Week’s ECB Policy Announcement
Get Real-Time Feedback on Your Trades with DailyFX on Demand!
The Euro-Zone Services Purchasing Manager Index fell to 51.6, slightly below the flash estimate of 51.9 but above the 51.0 outcome recorded in December. January's result marks the highest outcome since October 2013. The Composite PMI print likewise disappointed, with the final result revised to 52.9 from the 53.2 reading estimated two weeks ago.
The Euro fell against the U.S. Dollar as the data crossed the wires. The move may reflect speculation that the European Central Bank is preparing to expand monetary policy support, according to DailyFX Chief Currency Strategist John Kicklighter. The ECB will deliver its monthly policy announcement tomorrow, followed by a press conference with central bank President Mario Draghi.
EUR/USD 1-Minute Chart. February 5, 2014
Chart created by David Maycotte using Marketscope 2.0.
-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to email@example.com.
Want to trade with proprietary strategies developed by FXCM? Find out how with Mirror Trader.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.