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Euro Mixed After Eurozone PMI Data
(RTTNews) - The euro traded mixed against its major counterparts in the European session on Monday, following the release of private sector survey results from the euro area.
Flash survey results from S&P Global showed that the flash composite output index declined to a 23-month low of 47.1 in October from 48.1 in the previous month. Economists had expected a score of 47.5.
The services PMI fell to a 20-month low of 48.2 in October from 48.8 in September. The reading came in line with expectations.
The manufacturing Purchasing Managers' Index dropped to a 29-month low of 46.6 in October from 48.4 a month ago. The reading was forecast to fall to 47.8.
The European Central Bank will announce its decision on Thursday, when it will deliver a 75 basis-point rate hike amid a high inflation.
The euro was trading at 0.8682 against the pound, rebounding from a 6-day low of 0.8652 seen at 5 pm ET. On the upside, immediate resistance for the euro is found near the 0.88 level.
The euro pulled back to 0.9816 against the greenback, from nearly a 3-week high of 0.9899 hit at 6:05 pm ET. If the euro falls further, 0.96 is likely seen as its next support level.
The euro held steady at 0.9846 against the franc, after rising to 0.9872 in the previous session. At Friday's close, the pair was worth 0.9828.
The euro rebounded to 146.98 against the yen, from a 10-day low of 143.72 it logged in the Asian session. Should the euro strengthens further, it is likely to test resistance around the 150.00 level.
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