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Worse than expected macroeconomic figures take its toll

The EUR/USD pair fell to a fresh 3-week low of 1.0755 this Thursday, undermined by worse than expected macroeconomic figures, NDDFX’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The German manufacturing index fell to 34.3 while services output contracted to 15.9. For the whole Union, the manufacturing PMI resulted at 33.6, while the services index plunged to 11.7, all record lows.” 

“The pair remains under pressure after the US released Initial Jobless Claims for the week ended April 17, which resulted at 4427K worse than the expected 4200K but better than the previous 5237K.”

“Later today, Markit will release the preliminary estimates of the US April PMIs. The manufacturing index is foreseen at 38 from 48.5, while the services one is expected at 31.5 from 39.8.”

 

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