Forex - EUR/USD rises after mixed E.Z. data, eyes on Brussels summit
Investing.com
Published Jun 23, 2017 04:16AM ET
Euro gains ground despite mixed E.Z. PMI reports
Investing.com - The euro rose against its U.S. counterpart on Friday, after the release of mixed euro zone economic reports, as demand for the greenback remained vulnerable following the previous session’s disappointing U.S. data.
EUR/USD hit 1.1188 during European morning trade, the highest since June 19; the pair subsequently consolidated at 1.1183, gaining 0.30%.
The pair was likely to find support at 1.1126, the low of June 21 and resistance at 1.1231, the high of June 15.
Research group Markit earlier reported that its German flash manufacturing purchasing managers’ index slipped to 59.3 in June from 59.5 the previous month, compared to expectations for a decline to 59.0.
The German services PMI fell to 53.7 from 55.4.
Markit also said its French flash manufacturing PMI rose to 55.0 this month from 53.8 in April, beating expectations for a rise to 54.0.
The French services PMI slipped to 55.3 from 56.9 however.
For the entire euro zone, the composite PMI, which includes manufacturing and service sector activity, declined to 55.7 in May from 56.8 the previous month, disappointing expectations for a downtick to 56.2.
Separately, European leaders were gearing up for a second day of talks at a European Council meeting on Friday.
The previous day, British Prime Minister Theresa May laid out what she called a "fair deal" for EU citizens living in the U.K., saying that she did not want to split up families or for people to have to leave due to Brexit.
Meanwhile, the dollar remained under pressure following a report on Thursday by the U.S. Department of Labor showing that initial jobless claims in the week ending June 17 increased by 3,000 to 241,000 from the previous week’s total of 238,000.
Analysts expected jobless claims to rise by 2,000 to 240,000 last week.
The euro was lower against the pound, with EUR/GBP down 0.14% at 0.8780.
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Written By: Investing.com
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