Forex Trading News – European PMIs Manufacturing

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Forex Asia Review - Euro temporarily retreats from recent losses; Euro debt woes still persistSwiss Manufacturing PMI released earlier today below the forecasted value of 57.8 at 53.4, the reading for May was 59.2. The Purchasing Manager Index Manufacturing shows the business conditions in the manufacturing sector of the country. The US Dollar has gained some 27 pips against the Swiss Franc to touch 0.8468, continuing the three day rally after the all time trough of 0.8274 on Tuesday. Currently the USDCHF pair is trading at 0.8462, targeting more gains in the day. The German PMI Manufacturing did not meet the polled value, as it came out at 54.6, slightly below the forecast of 54.9. Despite the lower than expected value, the reading is considered bullish for the domestic economy, since it is above the key level of 50.0. The Euro zone PMI Manufacturing was as well announced today; the European Index was released in line with the expectation of 52.0, though below the reading of 54.6 for May. The mix of negative and positive news for the Zone has initially pushed Euro down against the US Dollar to 1.4501; however the pair quickly rebounded to climb to 1.4520. The EURUSD pair now is trading at 1.4507. The UK PMI Manufacturing which chronologically was released last, came out at a value of 51.3, while economists polled for 52.3, the PMI Index has completed a series of negative, frail data and news from UK the last two weeks. Upon the announcement of the news the Sterling has plummeted against the greenback losing some 27 pips to hit a session low of 1.6005.