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Euro Slips As Eurozone Composite PMI Hits 2-month Low
(RTTNews) - The euro weakened against its major counterparts in the European session on Friday, as the bloc's business activity fell to a two-month low in December.
Survey results from S&P Global showed that the flash composite output index dropped to 47.0 in December from 47.6 in November. The score was seen at 48.0.
The flash reading marked a seventh consecutive monthly reduction in business activity across the euro area.
The HCOB services PMI fell to 48.1 in December from 48.7 in November. The reading was below the consensus estimate of 49.0.
The manufacturing PMI was unchanged at 44.2, missing expectations of 44.6.
The euro weakened to 1.0939 against the greenback and 0.9578 against the franc, off its early highs of 1.1003 and 0.9541, respectively. The euro is seen finding support around 1.06 against the greenback and 0.94 against the franc.
The euro edged down to 1.7589 against the kiwi, 1.6294 against the aussie and 154.97 against the yen, from its early highs of 1.7733 and 1.6420 and a 2-day high of 156.49, respectively. The euro is poised to challenge support around 1.74 against the kiwi, 1.59 against the aussie and 152.00 against the yen.
The euro touched a 3-day low of 0.8571 against the pound. Against the loonie, it reached 1.4627, marking another 3-day low. The next possible support for the euro is seen around 0.84 against the pound and 1.44 against the loonie.
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