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Forex News: Euro Declines As German Private Sector Contracts Most

Euro Declines As German Private Sector Contracts Most Since Oct. 2012

09/23/2019 - 05:46:00 (RTTNews)

(RTTNews) - The euro nose-dived against its major counterparts in the early European session on Monday, as German private sector activity shrank to the lowest level since October 2012.

Survey data from IHS Markit showed Germany's flash composite PMI declined to 49.1 from 51.7 in August. It was the first reading below the 50 'no change' threshold since April 2013. The rate of decline signaled was the steepest in almost seven years.

The services PMI came in at a 9-month low of 52.5 versus 54.8 a month ago. The factory PMI plunged to a 123-month low of 41.4 compared to 43.5 in August.

In Eurozone, the flash composite output index fell unexpectedly to a 75-month low of 50.4 in September from 51.9 in August.

Economists had forecast the score to rise slightly to 52.0. The reading signaled the weakest growth across manufacturing and services since June 2013.

European Central Bank President Mario Draghi will testify about the economy and monetary policy before the European Parliament later in the day. Draghi's speech is likely to offer more insights on his plan for the bloc's monetary policy path.

The currency held steady against its major counterparts in the previous session, excepting the pound.

The euro declined to near a 2-week low of 1.0966 against the greenback, from a high of 1.1026 seen at 2:00 am ET. The euro is seen finding support around the 1.08 region.

The euro that closed Friday's trading at 1.0919 against the franc depreciated to near a 2-week low of 1.0857. The currency may challenge support around the 1.06 region, if it drops again.

Reversing from a high of 118.79 set at 2:00 am ET, the euro slipped to near a 2-week low of 117.76 against the Japanese yen. The euro is poised to challenge support around the 115.00 mark.

Having appreciated to a 4-day high of 0.8856 against the pound at 2:30 am ET, the euro reversed direction, with the pair trading at 0.8819. Next key support for the euro is possibly seen around the 0.86 level.

The euro weakened to a 6-day low of 1.4579 against the loonie, 4-day lows of 1.6206 against the aussie and 1.7497 against the kiwi, from Friday's closing values of 1.4612, 1.6285 and 1.7601, respectively. The next possible support for the euro is seen around 1.44 against the loonie, 1.60 against the aussie and 1.72 against the kiwi.

Looking ahead, Canada wholesale sales for July and Markit's U.S. manufacturing PMI for September are scheduled for release in the New York session.

At 9:50 am ET, Federal Reserve Bank of New York President John Williams is set to speak at the US Treasury Market Conference in New York, via satellite.

At 1:00 pm ET, Federal Reserve Bank of St. Louis President James Bullard will deliver a speech about the US economy and monetary policy at the Effingham Chamber of Commerce Luncheon in Illinois.

For comments and feedback: contact editorial@rttnews.com

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