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.

Free Trading Guides
EUR/USD
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
GBP/USD
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
USD/JPY
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
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
Oil - US Crude
Bullish
Bitcoin
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
More View more
Real Time News
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/TfytlyACmr
  • The Race to the Bottom https://t.co/KhamkH6x33
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.50%, while traders in France 40 are at opposite extremes with 81.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MSLRIRJtQh
  • LIVE NOW: Join Analyst and Editor @MartinSEssex as he discusses the most important events and themes that have driven market sentiment and will drive it in the days ahead. Register here: https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917720
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr https://t.co/Vh4sWBRPLS
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.62% Gold: -0.16% Silver: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bpsAY5CoY3
  • RT @economics: German investor confidence rises to the highest level in six months https://t.co/yRVmCYtx07
  • RT @lisaabramowicz1: There’s been a huge sentiment shift in the past month from bearish to bullish, with cash balances falling to the lowes…
  • RT @RANsquawk: Looks like @realDonaldTrump's speech will be substantial Reminder: Speech due to take place around 1700GMT/1200EST https://…
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.13% 🇯🇵JPY: -0.14% 🇪🇺EUR: -0.15% 🇬🇧GBP: -0.23% 🇨🇭CHF: -0.30% 🇳🇿NZD: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wRKK8GBOTS
EUR/USD Unfazed After Soft Markit Eurozone PMI Figures

EUR/USD Unfazed After Soft Markit Eurozone PMI Figures

2016-04-22 08:35:00
Oded Shimoni, Junior Currency Analyst
Share:

Talking Points:

- Flash Eurozone Manufacturing PMI at 51.5 vs 51.9 expected

- Flash Eurozone Services PMI at 53.2, below expectations

- Euro little changed versus other major currencies

Learn about the proper tenets of risk management with FXCM’s “Traits of Successful Traders” series.

The Euro was little changed versus other major currencies (at the time this report was written) after today’s Flash Markit Eurozone PMI printed soft figures. The Eurozone PMI Composite Index came at 53.0, below the expected 53.3 print, and the prior 53.1 figure. The Services PMI Activity Index rose slightly to 53.2, from the 53.1 prior reading, but was below the expected 53.3 print. Manufacturing PMI declined to 51.5, below the prior 51.6 print and the expected 51.9 figure.

The Euro-Zone reading came after earlier today the German Markit PMI figures missed expectations excluding a pickup in Manufacturing. A reading of less than 50 indicates a contraction of activity, above 50 points to an expansion, and an index of 50 says that no change has occurred.

Looking into the report, Markit remarked that average selling prices continued to fall as firms often offered discounts to win sales, but the rate of decline eased, so there might be some moderation of deflationary pressures. With that being said, Markit commented that the figures signal GDP growth of just 0.3%, and that the failure of business expectations to revive following the ECB’s announcement of more aggressive stimulus in March is a major disappointment that suggests growth is unlikely to accelerate in coming months.

The figures hit the wires after yesterdays’ ECB rate decision, in which the bank decided to keep policy unchanged, as the impact of their March decision to expand stimulus efforts is being examined. The latest decision saw the Euro rising against other majors before dropping versus the US Dollar later, on a fail near the range highs.

As was recently mentioned by DailyFX Chief Currency Strategist John Kicklighter, the Euro lacked critical escalation necessary to project a major breakout, and coming into the last trading day of the week it didn’t seem like the figures could be such a catalyst. Taking this into account, it appears that the market didn’t interpret the figures as providing clear conviction for direction, and the Euro was little changed versus other majors.

EURUSD 5-Minute Chart: April 21, 2016

EUR/USD Unfazed After Soft Markit Eurozone PMI Figures

--- Written by Oded Shimoni, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.