The Eurozone currency was seen lower against the greenback on Thursday during Europe’s morning trade , as the positive German manufacturing and services PMI data was released , which surpassed analysts’ estimates in August.
The 17-nation currency cleared off some losses against the US dollar, trading at a low 0.06% at $1.3346 against the greenback in response to the German flash manufacturing and services Purchasing Managers’ Index (PMI) which surpassed estimates. The euro was also seen 0.49% stronger then ¥131.10 against the Japanese Yen.
Germany’s Flash PMI Data
Germany’s flash manufacturing figure picked up to 52 in August, from previous record of 50.7 in the previous month and higher than the estimated 51.1 increase made by analysts, the preliminary data showed.
In the French manufacturing sector, business activities showed no changes during the month of August. The French manufacturing PMI remained unchanged at 49.7 in August. As for the services sector, the PMI declined to 47.7 in the month, from previous record of 48.6 in July, highest index reading since August 2012.
The Eurozone’s flash manufacturing PMI figure is expected to be released later today and it’s also expected to show an improvement. Analysts predict the figures to have increased to 50.7 for August, slightly up from previous month’s record of 50.3.
The Markit will release the flash PMI figure in the services industry for Eurozone, which is expected to show an increase from previous record of 409.8 to 50.2.
The Federal Open Market Committee’s (FOMC) minutes for July 30-31 meeting noted on how the policymakers were planning to begin to taper the $85 million monthly bond-purchasing program later this year as long as the economy recovers.
The Federal Reserve (Fed) has kept the interest rates close to zero; while the minutes noted that the primary target of 6.5% unemployment rate would indicate the economy has recovered.
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