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Euro Strengthens Vs Most Majors After German PMI Data; Eurozone PMI In Focus

August 21, 2014

BRUSSELS (Alliance News) - The euro drifted higher against most major currencies in early European deals on Thursday, as German manufacturing PMI grew more-than-forecast in August.

Data from Markit Economics showed that German manufacturing PMI came in at 52 in August, up from expected reading of 51.5. The PMI strengthened to 52.4 in July

The services Purchasing Managers' Index was at 56.4, above the expected score of 55.5. The index registered a growth of 56.7 in July

The composite output index came in more-than-expected at 54.9 in August, but was down from 55.7 in July.

The euro advanced to 1.3277 against the greenback, after falling to near a 1-year low of 1.3241 in early Asian deals.

The euro advanced to 0.8002 against the pound and 1.4564 against the loonie, from early lows of 0.7984 and 1.4537, respectively.

The euro rallied to 137.76 against the yen, its highest level in more than 2 weeks.

The next possible resistance for the euro is seen around 138.5 against the yen, 0.805 against the pound, 1.337 against the greenback and 1.465 against the loonie.

Markit Economics will release the preliminary results of its private sector activity survey for the eurozone at 4:00 am ET. The flash composite PMI is expected to edge down to 53.4 in August from 53.8 in July. The manufacturing PMI is estimated to decrease to 51.3 from 51.8 in July and the services PMI is forecast to fall to 53.7 in August from 54.2 in July.

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Source: Alliance News

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