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Euro Trades Higher After Markit Releases PMIs

September 23, 2016 at 13:19 by Vladimir Vyun

Euro banknotesThe euro was trading higher against its most-traded peers today after Markit released a bunch of Purchasing Managers’ Indexes for the major countries of the eurozone as well as for the whole region.

Markit released data for manufacturing and services industries in France, Germany, and the whole eurozone. Most indexes were above expectations, painting a decent picture of the European economy. The only exceptions were the services indicators for Germany and the eurozone, which were below forecasts. But even then, they stayed above the 50.0 level of neutrality, indicating expansion.

Earlier this week, the Federal Reserve made a policy statement that was poorly received by dollar bulls, sending the US dollar lower. This allowed the euro to rally against the greenback, and the shared 19-nation currency extended its advance for the third consecutive session today.

EUR/USD rallied from 1.1206 to 1.1222 as of 13:10 GMT today. EUR/GBP jumped 1% from 0.8569 to 0.8657, trading at the highest level in a month. EUR/CHF advanced from 1.0861 to 1.0905.

If you have any questions, comments, or opinions regarding the Euro, feel free to post them using the commentary form below.

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