Eurozone PMIs and Ifo Index Miss Expectations, Euro Shrugs
EUR price, Eurozone PMIs and Ifo Index:
- The Eurozone purchasing managers’ indexes and the German Ifo Index all came in below forecast levels in May but there was little response in the Euro.
- The results of the European Parliament elections Sunday are the next hurdle for Euro traders.
Eurozone PMIs, Ifo Index disappoint
The purchasing managers’ indexes for the Eurozone and the Ifo Index for Germany all came in lower than economists had predicted in May but there was little response in EURUSD or the Euro against other major currencies. The results in full are in the following table:
Source: DailyFX calendar
In response, EURUSD slipped lower but the response was muted as traders wait for the results of European Parliament elections due Sunday.
EURUSD Price Chart, Five-Minute Timeframe (May 23, 2019)
Chart by IG (You can click on it for a larger image)
And in the video above you can listen to a recording of my live webinar before and after the data were released (it starts at 1’50”).
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--- Written by Martin Essex, Analyst and Editor
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.