Eurozone data - Ester Holdings

Eurozone data

  • Germany’s GDP (y/y) (Q1), a fact of 0.6%, the forecast of 0.6%.
  • Germany’s GDP (q/q) (Q1), fact 0.4%, forecast 0.4%.
  • Composite Business Activity Index (PMI) of Germany (May), fact 52.4, forecast 52.0 52.2
  • German Manufacturing PMI (May), fact 44.3, forecast 44.8.
  • German index of business activity in the services sector  (May), fact 55.0, forecast 55.5.
  • German Business Expectations Index, fact 95.3, forecast 95.2.
  • Assessment of the current situation in Germany, fact 100.6, forecast 103.6.
  • German IFO Business Climate Index, fact 97.9, forecast 99.2.
  • The manufacturing business index (PMI) (May) in the eurozone, fact 47.7, forecast 48.1.
  • Markit Eurozone Composite Business Activity Index (PMI) (May), fact 51.6, forecast 51.7.
  • The index of business activity in the services sector (May), the euro area, fact  52.5, forecast  53.0.

Published business reports (PMI) in Germany and the eurozone were very weak, showing a sustained slowdown in business activity in the eurozone. Reports also confirmed a slowdown in the downward trend of this indicator near the average annual level of the current year.

Fig. 1. Graph of composite index of business activity (PMI) from Markit in the eurozone

 

In addition to weak eurozone data, pressure on the single currency continues to exert political risks around the elections to the European Parliament. This eventually increased the pressure on the euro against most competitors.

The EUR/USD pair has accelerated the decline in maintaining the downtrend, thereby becoming oversold and limited by the support levels: 1.1100 and 1.1080. Resistance is located at the levels: 1.1150 and 1.1180.

Fig. 2.  EUR/USD chart. Current price – 1.1130

Read also: “Incidents of the 21st century,

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Hanzenko Anton


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