RTTN:Euro Off Recent Highs Against Majors After Some Key Data
(RTTNews) - The European common currency eased from recent highs against major currencies following the release of PMI reports from major European economies and the unexpected rise of Eurozone retail sales in early European deals on Wednesday.
The latest report released by the Eurostat showed that Eurozone retail sales were up 0.1 percent on a monthly basis, the same rate of growth as seen in June and July. Economists had forecast a 0.1 percent drop for August.
On a yearly comparison, the volume of retail sales dropped by a less than expected 1.3 percent, following July's 1.4 percent fall. Sales were forecast to drop 1.9 percent in August.
According to final data from Markit Economics, Germany's services sector contracted in September. The Services Business Activity Index came in at 49.7 in September, up from 48.3 in August, survey data revealed Wednesday. However, the reading was below the flash estimate of 50.6. A reading below 50 indicates contraction.
A detailed result of the same agency said that Eurozone's composite output index, that measures performance of both manufacturing and service sectors, fell to a four-month low of 46.1 in September from 46.3 in August. This was slightly above the flash estimate of 45.9.
After hitting new multi-day highs of 0.8026 against the British pound and 1.2110 versus the Swiss franc by about 4:05 am ET, the euro reversed its direction and as of now worth 0.8019 and 1.2106, respectively.
The European single currency that climbed to 1.2938 against the dollar and 101.22 versus the yen as of 5:05 am ET, showed slight weakness thereafter and currently trading at 1.2923 and 101.10, respectively.
