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Forex News: Euro Falls As Eurozone Private Sector Growth Slows

Euro Falls As Eurozone Private Sector Growth Slows To 3-month Low

04/18/2019 - 07:20:00 (RTTNews)

(RTTNews) - The euro declined against its major counterparts in the European session on Thursday, as a data showed that Eurozone business growth slowed to a 3-month low in April, reigniting concerns about economic growth.

Preliminary data from the IHS Markit survey showed that the Eurozone Composite Purchasing Managers' Index fell to a three-month low of 51.3 from 51.6 in March. Economists had forecast a score of 51.8.

The flash services PMI hit a three-month low of 52.5 from 53.3 in March.

In Germany, manufacturing sector contracted for the fourth month in a row, with a score of 44.5. Nonetheless, the PMI figure was higher than the March reading of 44.1.

French manufacturing PMI dropped more than expected in April, separate data showed.

The flash manufacturing PMI declined to a 32-month low of 49.6 in April from 49.7 in March. Economists were looking for a reading of 50.1.

Investors were also adopting a cautious stance ahead of the Easter holiday break. Most European markets will remain closed on Friday and Monday for the Easter holiday.

The currency held steady against its major counterparts in the Asian session, barring the yen.

The euro depreciated to a 2-day low of 0.8633 against the pound, from a high of 0.8666 hit at 6:15 pm ET. The euro is seen finding support around the 0.84 level.

Data from the Office for National Statistics showed that UK retail sales grew at a faster rate than expected in March.

Retail sales grew 1.1 percent month-on-month in March, after a 0.6 percent rise in February. Economists had forecast a 0.4 percent decline.

Having advanced to 1.1304 against the greenback at 2:30 am ET, the euro reversed direction, touching an 8-day low of 1.1243. The next possible support for the euro is seen around the 1.11 level.

The European currency pulled back to 1.1366 against the Swiss franc, after rising to 1.1421 at 5:45 pm ET. If the euro drops further, 1.12 is possibly seen as its next support level.

Data from the Federal Customs Administration showed that Switzerland's exports slowed in March after rising in the previous month, while imports decreased further.

Exports edged up a real 0.1 percent month-on-month in March, after a 1.5 percent rise in February.

The euro fell to a 6-day low of 125.69 against the yen, down from a high of 126.60 seen at 5:45 pm ET. Next key support for the euro is likely seen around the 124.00 level.

The single currency retreated to 1.5030 against the loonie, from a 2-day high of 1.5096 set at 2:15 am ET. Continuation of the euro's downtrend may lead it to a support around the 1.49 level.

The euro pared gains to 1.6771 against the kiwi, from a high of 1.6825 touched at 10:00 pm ET. The euro is poised to find support around the 1.66 level.

The euro reversed from an early high of 1.5766 against the aussie, with the pair trading at 1.5721. The euro is likely to find support around the 1.56 region.

Looking ahead, Canada retail sales for February, U.S. weekly jobless claims for the week ended April 13, Markit's preliminary services PMI for April, retail sales and leading index for March are set for release in the New York session.

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