A decent reading from the European manufacturing sector induced a batch of Euro buying intraday as Chinese manufacturing aftershocks continued to bolster risk sentiment…
THE TAKEAWAY: Euro-area March PMI manufacturing unchanged; German index rises -> Manufacturing composite still locked in contraction range -> Euro strong on the day after yesterday’s solid Chinese manufacturing data
The Euro-area manufacturing sector experienced positive results overall in March, sending the single currency past yesterday’s highs against the dollar and bolstering bids intraday against the Yen. Although the all-inclusive composite index remainined unchanged from last month’s 47.7, Europe’s powerhouse Germany joined a number of peripheral nations in disclosing stronger than expected March data. A number below 50 indicates market contraction.
actual expected previous
The Euro found bids on the news in the aftermath of the better than expected Chinese manufacturing released overnight. The single currency registered a fresh session high against the US dollar and climbed against the Yen.
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