Eurozone Preliminary Manufacturing PMI rises to 47.8 in January, EUR/USD uninspired


  • Eurozone Manufacturing PMI arrives at 47.8 in January vs. 46.8 expected.
  • Eurozone Services PMI arrives at 52.2 in January vs. 52.8 expected.

The Eurozone manufacturing sector activity showed improvement this month but remained in the contraction territory, the latest manufacturing activity survey from IHS/Markit research showed on Friday.

The Eurozone manufacturing purchasing managers index (PMI) came in at a five-month high of 47.8 in January vs. 46.8 expected and 46.3 last while the Services PMI dropped to a two-month low of 52.2 in the reported month vs. 52.8 expected and 52.8 last.

The IHS Markit Eurozone PMI Composite steadied at 50.9 in January vs. 51.2 expected.

Comments from Andrew Harker, Associate Director at IHS Markit:

“While the year may have changed, the performance of the eurozone economy was a familiar one in January. Output growth was unchanged from the modest pace seen in December, signalling that the economy failed again to record a pick-up in growth momentum.”

“The failure of growth to accelerate was in spite of some areas of positivity. The service sector remained in expansion, while the worst of the manufacturing downturn looks to have passed and industry appears to be moving towards stabilization. France and Germany continued to grow, while business confidence across the single-currency area jumped to a 16-month high.”

FX Implications:

The shared currency failed to react to the mixed Eurozone PMI readings, with EUR/USD keeping its range below 1.1050. The spot faded an uptick to 1.1061 highs, reached after a beat on the German Manufacturing and Services PMI reports.  

EUR/USD Technical levels to watch:

EUR/USD

Overview
Today last price 1.1048
Today Daily Change -0.0007
Today Daily Change % -0.06
Today daily open 1.1056
 
Trends
Daily SMA20 1.114
Daily SMA50 1.1104
Daily SMA100 1.1073
Daily SMA200 1.1133
 
Levels
Previous Daily High 1.1109
Previous Daily Low 1.1036
Previous Weekly High 1.1173
Previous Weekly Low 1.1086
Previous Monthly High 1.124
Previous Monthly Low 1.1002
Daily Fibonacci 38.2% 1.1064
Daily Fibonacci 61.8% 1.1081
Daily Pivot Point S1 1.1025
Daily Pivot Point S2 1.0994
Daily Pivot Point S3 1.0952
Daily Pivot Point R1 1.1098
Daily Pivot Point R2 1.114
Daily Pivot Point R3 1.1171

 

 

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