Euro Falls to Fresh Monthly Lows on Negative Euro Area PMIs

The  euro today fell to  new lows against the  US dollar following the  release of  disappointing PMI data from across the  euro area by  Markit Economics. The  EUR/USD currency pair crashed as  traders reacted to  the  PMI prints that were lower than expected, reflecting the  impact of  the  COVID-19 pandemic.
The  EUR/USD currency pair today fell from a  high of  1.0835 in  the  late Asian session to  a  low of  1.0776 after the  PMI releases and  was heading lower at  the  time of  writing.
The  currency pair traded sideways at  the  start of  today’s session before spiking to  its daily highly then falling in  the  early European session. The  release of  the  disappointing German GfK consumer confidence survey for  May triggered the  pair’s initial decline. The  survey data came in  at  -23.4 versus the  expected 11.8 print causing the  decline. The  release of  the  Markit flash Germany Manufacturing PMI for  April, which came in  at  34.4 against consensus estimates of  39 drove the  pair lower. The  Markit Germany flash Services PMI also missed expectations. The  Markit Eurozone Manufacturing and  Services PMI  released shortly afterwards also missed analysts’ expectations, thus extending the  pair’s losses.  
The  rising coronavirus cases in  European countries such as  Spain also contributed to  the  bearish sentiment surrounding the  single currency. The  weak French flash Manufacturing and  Services PMIs released by  IHS Markit also dragged the  pair lower.
The  currency pair’s short-term performance is likely to  be affected by  the  outcome of  the  Eurogroup meeting and  geopolitical events.
The EUR/USD currency pair was trading at 1.0755 as at 10:42 GMT having fallen from a high of 1.0835. The EUR/JPY currency pair was trading at 115.77 having dropped from a high of 116.83.

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