Euro Higher As Eurozone Economic Activity Rebounds
23 Junio 2020 - 02:22AM
RTTF2
The euro appreciated against its major counterparts in the
European session on Tuesday, as a pick up in business activity in
Eurozone raised hopes of an economic rebound following the further
loosening of coronavirus-related restrictions.
Flash survey results from IHS Markit showed that the euro area
private sector contracted at a slower pace in June as lockdowns to
prevent the spread of the coronavirus disease outbreak were further
relaxed.
The flash composite output index advanced more-than-expected to
47.5 from 31.9 in May. The score was forecast to rise to 42.4.
German flash composite output index climbed to 45.8 in June from
32.3 in the previous month. This was the highest reading in four
months and above economists' forecast of 44.2.
The survey highlighted the effects of easing lockdown
restrictions and also an improvement in business confidence.
The manufacturing Purchasing Managers' Index advanced to 44.6
from 36.6 a month ago, while the services PMI came in at 45.8
versus 32.6 in the previous month and well above forecast of
42.0.
The euro advanced to a 6-day high of 121.10 against the yen and
a 5-day high of 1.5280 against the loonie, from its early lows of
119.91 and 1.5219, respectively. The euro is seen finding
resistance around 123.00 against the yen and 1.55 against the
loonie. The euro climbed to a 1-week high of 1.1306 against the
greenback and a 4-day high of 0.9071 against the pound, after
falling to 1.1233 and a 4-day low of 0.9019, respectively in early
deals. The euro is poised to find resistance around 1.15 against
the greenback and 0.92 against the pound.
In contrast, the euro held steady against the franc, after
having eased to 1.0664 from a 5-day high of 1.0683 seen in the
Asian session. At Monday's close, the pair was worth 1.0636.
The euro fell back to 1.6271 against the aussie, not far from
Asian session's 4-day low of 1.6262. Should the euro drops further,
1.57 is likely seen as its next support level.
Survey results from IHS Markit showed that Australia's private
sector rebounded in June reflecting the loosening of restrictions
related to the coronavirus pandemic.
The Commonwealth Bank flash composite output index climbed to
52.6 in June from 28.1 in the previous month. A score above 50
indicates expansion.
The euro eased back to 1.7379 against the kiwi, from an Asian
session's high of 1.7463. The next possible support for the euro is
seen around the 1.72 level.
Looking ahead, the U.S. new home sales for May are due in the
New York session.
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