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Euro Climbs After Manufacturing PMI In Europe

The euro advanced against most major currencies in the early European session on Monday following the release of improving manufacturing PMI data from Europe.

Final data from a survey by Markit Economics showed that activity in the Eurozone manufacturing sector in September decreased at a slightly slower pace than estimated earlier.

The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector came in at a six-month high of 46.1 in September, slightly higher than 46 recorded in the preliminary estimates. In August the reading was 45.1.

Also, Germany's manufacturing contracted at a slower pace in September due to slower reductions in output and new orders as well as a stabilization of manufacturing employment levels.

The final seasonally adjusted Markit/BME Germany Purchasing Managers' Index (PMI) rose to 47.4 from 44.7 in August.

In Italy, the seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector increased to 45.7 in September from 43.6 in August, and hit the highest level in six months.

Greek manufacturing PMI rose slightly to 42.2 in August from 42.1 in July.

Meanwhile, unemployment in the Eurozone remained unchanged for the second successive month in August, data released by statistical office Eurostat showed.

In August, the seasonally adjusted unemployment rate was 11.4 percent, unchanged from July and June. The latest figure also matched economists' expectations. In August 2011, the jobless rate in the single-currency bloc was 10.2 percent.

The euro climbed to a 6-day high of 100.72 versus the yen, compared to a 4-day low of 99.81 hit in the Asian session. On Friday, the pair closed deals at 100.25. If the euro rises further, it will break 101.00 level.

The Bank of Japan's quarterly Tankan survey showed today that sentiment for its large manufacturers' index declined in the third quarter of 2012, coming in with a score of -3.

The headline figure beat expectations of a score of -4, although it dropped from -1 in the second quarter.

The euro is now trading 1.2904 against the U.S. dollar, reversing from Asian session's 3-week low of 1.2805. The euro may find resistance at 1.295. The euro traded at 1.2848 against the greenback at last week's close.

Against the pound, the euro recovered from previous session's 4-day low of 0.7944 and strengthened further. The euro-pound pair is now trading at 0.7985 with 0.80 seen as the next upside target level. The pair closed last week's deals at 0.7959.

U.K. manufacturing sector continued to shrink in September due to weak order inflows and mounting job losses, results of a survey by the Chartered Institute of Purchasing & Supply and Markit Economics revealed.

The seasonally adjusted Markit/CIPS Purchasing Manager's Index (PMI) dropped to 48.4 from 49.6 in August.

The euro hit a 5-day high of 1.2435 against the Australian dollar, after declining to 1.2370 around 8:55 pm ET. On the upside, the euro may break 1.25 level. The euro-aussie pair closed deals at 1.2385 last week.

The contraction in Australia's manufacturing sector accelerated in September, the Australian Industry Group said today, after its index came in with a score of 44.1.

That's down from 45.3 in August.

Against the NZ and Canadian currencies, the euro firmed to 1.5538 and 1.2673, up from a new 1-month low of 1.5473 and a multi-week low of 1.2607, respectively. The next upside target level for the euro is seen at 1.56 against the kiwi and 1.27 against the loonie. The euro traded at 1.5505 against the kiwi and 1.2632 against the loonie at Friday's close.

From the U.S., ISM manufacturing index for September and construction spending for August are slated for release in the New York morning session.

The material has been provided by Instaforex Company - instaforex.com
TAGS: Euro  Climbs  After  Manufacturing  PMI  In  Europe   
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