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Euro fell after the eurozone private sector data

2019-04-18 09:17 am | Resource: NEWS | No Views : 176

 Euro fell after the eurozone private sector data

The euro fell to the weakest point since April 12 against the dollar and the yen. As manufacturers recorded the biggest monthly decline in production in four years in France

However, the decline was modest, and came after Markit Economics published preliminary data for April, compiled from corporate purchasing managers. Prior to the release of the euro zone's total figures, the German production index showed contraction less than in March, but still a significant decline. Services expanded in both major economies of the monetary union, limiting fears of recession.

Private sector growth in the euro area slowed slightly in April

The eurozone private sector grew at a slightly slower pace in April than in the previous month, according to urgent estimates published by EHSMarket on Thursday. The composite PMI index fell from 51.6 in March to 51.3 in April, its third lowest reading since November 2014, suggesting that the eurozone private sector is still in its worst five-year growth.

Manufacturing production fell for the third month in a row as new orders contracted for the seventh month in a row. Employment growth remained almost unchanged while input purchases declined throughout the sector. At the same time, the service sector slowed from a four-month high in March, signaling the weakest expansion since September 2016. Lower optimism in the euro area's private sector was linked to increased political uncertainty including Britain's exit from the EU and trade wars And protectionism.

"The data adds to the fears of the economy failing to recover with any conviction of non-recurring factors that have slowed activity late last year and continue to show very modest growth only in the face of adverse winds caused by slowing global demand growth and declining economic sentiment." Williamson, chief economist at IHS Markit.

 Euro fell
  • The euro fell 0.21% at 9:48 am CET, selling at $ 1.12726. The session's low was $ 1.12645.
  • The single currency exchange rate fell only 0.1% against the pound, with the euro trading at £ 0.86546.
  • Against the Swiss franc, the euro was down 0.25% to hit 1.13904, extending from a four-day winning streak that lifted the common currency to its highest level since Feb. 11.
  • Against the yen, the euro was down 0.39% at 126.062 yen, after falling to 1266.01 yen.

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