Eurozone PMI data to dominate the markets today
City Index March 24, 2014 1:19 PM
<p>China continues to slow with the latest HSBC flash manufacturing PMI erased overnight at 48.1, which is under the 50 level and shows a contraction […]</p>
China continues to slow with the latest HSBC flash manufacturing PMI erased overnight at 48.1, which is under the 50 level and shows a contraction in the economy. This hasn’t had its normal effect against some of the Asian currencies as a lot would have been priced in given the recent weak Chinese data.
In other news, tension is still building around the Russian-Ukraine worries, with the crisis still expected to be a talking point this week. One will also be keen to see who will be worst off with the sanctions that have been put in place.
Today is all about the PMIs - a good indicator of an economy’s expansion or contraction.
First up are the eurozone numbers, where data from the individual countries is released first. France, which has been released unexpectedly above 50 at 51.9, has given the euro a push higher.
Germany has countered this move with a weaker release of its PMI, putting the euro back to pre-French PMI.
Next up is the EU PMI, looking to come in at 53.2.
The US follows later on with its Flash PMI above 50 – still expected to be a slightly lower reading than before.
Supports 1.3775 1.3745 1.3710 | Resistance 1.3830 1.3850 1.3900
Supports 102.10 101.80 101.60 | Resistance 102.65 102.85 103.00
Supports 1.6480 1.6440 1.6380 | Resistance 1.6525 1.6570 1.6620
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