24 Oct 2013
EUR/USD zeroes pre-PMI gains on soft numbers
FXstreet.com (London) - EUR/USD shed its early morning gains following disappointing PMI numbers. The pair climbed to USD1.3822 on anticipation of a robust print from Markit but fell to USD1.3769 on soft numbers.
The headline EMU number declined from 52.2 to 51.5, reining in any premature European recovery optimism. The biggest declines came from the services number, down to 50.9 from 52.2 on weakening demand dynamics.
Germany was the biggest regional miss, at a three-month low of 52.6. France also missed expectations, squeaking into growth territory at 50.1 versus 50.5 last month.
The declines have checked any undue optimism in the speed of European growth, zeroing out any the pre-announcement gains to trade flat on the open at USD1.3784 after hitting two-week highs.
The headline EMU number declined from 52.2 to 51.5, reining in any premature European recovery optimism. The biggest declines came from the services number, down to 50.9 from 52.2 on weakening demand dynamics.
Germany was the biggest regional miss, at a three-month low of 52.6. France also missed expectations, squeaking into growth territory at 50.1 versus 50.5 last month.
The declines have checked any undue optimism in the speed of European growth, zeroing out any the pre-announcement gains to trade flat on the open at USD1.3784 after hitting two-week highs.