Euro Advances As Eurozone PMI Beats Estimates
November 23 2023 - 2:59AM
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The euro was higher against its most major counterparts in the
European session on Thursday, after a survey showed that the pace
of contraction in the euro area business activity eased in
November.
Flash survey results from S&P Global and Hamburg Commercial
Bank showed that Eurozone composite PMI rose to 47.1 from 46.5 in
October. The score was expected to rise to 46.9.
The services PMI came in at 48.2 in November, up from 47.8 in
October and the consensus estimate of 48.1.
The manufacturing PMI advanced to 43.8 from 43.1, above
estimates of 43.4.
Meanwhile, ECB Governing Council member Joachim Nagel indicated
at an event in Milan that the European Central Bank might be
nearing its terminal rate for interest rate hikes.
The euro remained firm against the greenback, touching a 2-day
high of 1.0930. On the upside, 1.11 is possibly seen as its next
resistance level.
The euro rose to 163.04 against the yen, reaching a 3-day high.
The euro is seen finding resistance around the 165.00 level.
The euro edged up to 0.9648 against the franc, from an early
fresh 2-week low of 0.9614. If the euro rises further, it may find
resistance around the 0.985 level.
The euro recovered to 1.4948 against the loonie, 1.8066 against
the kiwi and 1.6648 against the aussie, from an early 6-day low of
1.4895, 8-day low of 1.7991 and a fresh 2-week low of 1.6597,
respectively. The next possible resistance for the euro is seen
around 1.51 against the loonie, 1.84 against the kiwi and 1.70
against the aussie.
In contrast, the euro weakened to more than a 2-week low of
0.8683 against the pound. Next near term support for the currency
is seen around the 0.84 level.
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