2 May 2014
EUR/USD dominated by non-farm payroll expectations after euro data
FXStreet (London) - EUR/USD has seen some choppy trading ahead of US non-farm payroll data. Eurozone unemployment defied some expectations of a slight rise, while the second reading of Eurozone manufacturing PMIs came in around expected.
Eurozone unemployment holds
Data released by Eurostat showed that Eurozone seasonally-adjusted unemployment rate remained at 11.8 percent in March 2014, holding the same levels since December 2013 and defying expectations of a slight rise to 11.9 percent. The EU unemployment rate was 10.5 percent in March 2014, unchanged from February.
Among the Member States, the lowest unemployment rates were recorded in Austria (4.9 percent), Germany (5.1 percent) and Luxembourg (6.1 percent), and the highest in Greece (26.7 percent in January 2014) and Spain (25.3 percent).
In March 2014, the youth unemployment rate was 22.8 percent in the Eurozone and 23.7 percent in the percent, compared with 23.5 percent and 24.0 percent respectively a year ago.
Positive Eurozone composite manufacturing survey
The second reading of the Markit Eurozone PMI indicated that the upturn in the Eurozone manufacturing sector gained traction in April. The final seasonally-adjusted Markit Eurozone Manufacturing PMI rose to a three-month high of 53.4, up from March’s 53.0 and upwards revised from the flash estimate of 53.3. The PMI has signalled expansion for ten successive months.
According to Markit, April saw a broadening of the recovery, with PMI readings for all of the nations for which data are collected above the 50.0 mark that divides expansion from contraction for the first time since November 2007. Levels of output and new business also increased across all of the nations.
Markets are optimistic ahead of today’s US non-farm payroll print. Expectations are for a big number from the US Bureau of Labor Statistics, with consensus expectations pointing to a 210k+ print, with US labour demand returning after the effects of below-normal US temperatures and disruptive weather conditions in the earlier part of this year.
EUR/USD is currently trading at USD1.3861, in broadly bearish trend, with market momentum driven by NFP expectations.
Eurozone unemployment holds
Data released by Eurostat showed that Eurozone seasonally-adjusted unemployment rate remained at 11.8 percent in March 2014, holding the same levels since December 2013 and defying expectations of a slight rise to 11.9 percent. The EU unemployment rate was 10.5 percent in March 2014, unchanged from February.
Among the Member States, the lowest unemployment rates were recorded in Austria (4.9 percent), Germany (5.1 percent) and Luxembourg (6.1 percent), and the highest in Greece (26.7 percent in January 2014) and Spain (25.3 percent).
In March 2014, the youth unemployment rate was 22.8 percent in the Eurozone and 23.7 percent in the percent, compared with 23.5 percent and 24.0 percent respectively a year ago.
Positive Eurozone composite manufacturing survey
The second reading of the Markit Eurozone PMI indicated that the upturn in the Eurozone manufacturing sector gained traction in April. The final seasonally-adjusted Markit Eurozone Manufacturing PMI rose to a three-month high of 53.4, up from March’s 53.0 and upwards revised from the flash estimate of 53.3. The PMI has signalled expansion for ten successive months.
According to Markit, April saw a broadening of the recovery, with PMI readings for all of the nations for which data are collected above the 50.0 mark that divides expansion from contraction for the first time since November 2007. Levels of output and new business also increased across all of the nations.
Markets are optimistic ahead of today’s US non-farm payroll print. Expectations are for a big number from the US Bureau of Labor Statistics, with consensus expectations pointing to a 210k+ print, with US labour demand returning after the effects of below-normal US temperatures and disruptive weather conditions in the earlier part of this year.
EUR/USD is currently trading at USD1.3861, in broadly bearish trend, with market momentum driven by NFP expectations.