Euro remained unchanged at $1.3082 against the US dollar. According to the reports from the Markit Economics, Germany’s services PMI slipped by minor 49.7 in the month of May from the previous rate 49.6 in the month of April.
Euro slipped 0.20% against the Japanese yen at 130.53 yen.
France PMI remained the same as the previous record of 44.3 in May, while Italy’s PMI worsened to 46.5 in May and Spain’s final services PMI increased to 47.3 points, compared to previous record of 44.4 in April. Germany is expected to see some improvement and pick up by an approximate 47.5.
Spain’s final manufacturing PMI increased to 48.1 in May, from previous record of 44.7, while Italy’s final manufacturing PMI edged up from previous record of 45.8 to 47.3 and the French manufacturing PMI improved and rose to 44.4.
Euro zone area as a whole manufacturing activity increased to an unexpected 48.3 in May.
European Central Bank’s President Mario Draghi stated on Sunday that the monetary union was at a much steady condition.
“The economic situation in the euro area remains challenging but there are a few signs of a possible stabilization, and our baseline scenario continues to be one of a very gradual recovery starting in the latter part of this year,” he said.
The post EUR/USD: Euro weak after German PMI appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog