Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - EUR/USD extends losses after U.S. jobless claims disappoint

Published 01/02/2014, 08:44 AM
Updated 01/02/2014, 08:44 AM
Euro pushes lower against dollar after U.S. data

Euro pushes lower against dollar after U.S. data

Investing.com - The euro extended losses against the U.S. dollar on Thursday, as disappointing U.S. jobless claims dampened market sentiment, while mixed manufacturing activity reports from the euro zone also weighed.

EUR/USD hit 1.3637 during European afternoon trade, the pair's lowest since December 20; the pair subsequently consolidated at 1.3641, retreating 0.86%.

The pair was likely to find support at 1.3544, the low of December 5 and resistance at 1.3775, the session high.

The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending December 28 declined by 2,000 to a seasonally adjusted 339,000. Analysts had expected U.S. jobless claims to fall by 7,000 to 334,000 last week from the previous week’s revised total of 341,000.

In the euro zone, Markit research group said its final manufacturing purchasing managers' index for the bloc remained unchanged at 52.7 last month, in line with expectations.

A separate report showed that Germany's manufacturing PMI rose to a 30-month high of 54.3 in December, from a reading of 54.2 the previous month. Analysts had expected the index to remain unchanged last month.

France's manufacturing PMI fell to a seven-month low of 47.0 in December, from 47.1 in November, compared to expectations for the index to remain unchanged.

Risk sentiment was also hit after a report earlier showed that China’s final HSBC PMI inched down to 50.5 in December from a reading of 50.8 in November.

The data was published one day after a government report showed that China’s manufacturing PMI fell to a four-month low of 51.0 last month from 51.4 in November and worse than forecasts for a decline to 51.2.

The euro was lower against the pound, with EUR/GBP shedding 0.33% to 0.8280.

Also Thursday, Markit said its U.K. manufacturing PMI fell to 57.3 last month from a reading of 58.1 in November. Analysts had expected the manufacturing PMI to ease down to 58.0 in December.

Later in the day, the Institute of Supply Management was to release a report on manufacturing activity in the U.S.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.